Arab Jordan Investment Bank (AJIB) has agreed to acquire Standard Chartered’s business unit in Jordan as the London-listed bank looks to simplify its operations and focus on higher growth markets within Africa and the Middle East.
AJIB entered into an agreement with Standard Chartered, subject to central bank approval, which will see the bank’s corporate, commercial and institutional banking, consumer lending and private banking businesses migrated to the Jordanian lender.
“We are also pleased to announce that this agreement has already been approved by the regulatory authorities. We look forward to working closely with Standard Chartered’s team over the coming few months towards achieving a successful conclusion to this transaction without impact on clients and employees,” said Hani Al-Qadi, chairman of Arab Jordan Investment Bank. The two banks will work closely in the coming months to provide a seamless transition for its clients and staff.
Sunil Kaushal, the Regional CEO of Standard Chartered Bank in Africa & the Middle East, said the agreement with AJIB for the sale of Standard Chartered’s operations in Jordan is aligned with the bank’s global strategy to deliver efficiencies, reduce complexity, as well as redirect resources to areas with the greatest potential to drive scale, grow and better support clients.
AJIB said the acquisition falls within its strategy to grow its banking business market share in Jordan, which continues to expand following the bank’s series of landmark deals including HSBC and the National Bank of Kuwait’s businesses in 2014 and 2022, respectively.