Standard Chartered Bank has sold its Jordan-based business to the Arab Jordan Investment Bank (AJIB).
This includes its private and business banking arm. Standard Chartered’s corporate, commercial and institutional-banking division will also move across to AJIB.
Sunil Kaushal, regional chief executive of Standard Chartered Bank in Africa and the Middle East, said that one of the main reasons for the sale was to redirect resources to areas in the region with the greatest potential for growth.
He added: “While we will be selling our local business, we will continue to facilitate and be a bridge for international capital flows into Jordan.”
AJIB said it had bought the business as part of its strategy to grow market share in Jordan, following its acquisitions of HSBC’s banking business in the country in 2014 and the National Bank of Kuwait’s banking business in Jordan in 2022.
Hani Al-Qadi, AJIB chairman of the board, said: “Standard Chartered Bank is a leading regional and international bank with more than 160 years of experience; the bank has been present in Jordan for more than 98 years.
“We are pleased to have been selected as the preferred buyer.”