Jordan's AJIB to buy HSBC's business
Arab Jordan Investment Bank (AJIB) has entered into an agreement to acquire HSBC Bank Middle East Limited's banking business in Jordan. At September 30, 2013, that Business comprised four branches with gross assets of approximately $1.2 billion. The transaction is expected to be completed during the first half of 2014.
Hani AL-Qadi, GM/CEO of AJIB, said "We are pleased to have signed this agreement today which has full regulatory backing. This acquisition is part of AJIB’s growth strategy, and the business acquired well complements our existing product line and consolidates our market share in the Jordanian market.
"We look forward to working with HSBC’s local team over the next few months to ensure a smooth transition with minimal impact on clients and employees." ■