Arab Jordan Investment Bank – AJIB Signs an Agreement to Purchase National Bank of Kuwait’s Banking Operations in Jordan
Arab Jordan Investment Bank - AJIB has signed an agreement to purchase the banking operations of National Bank of Kuwait in Jordan, after obtaining the approval of the Central Bank of Jordan. Upon completion, the entire assets and liabilities of National Bank of Kuwait - Jordan will automatically transfer to Arab Jordan Investment Bank, including the customers’ deposits and loans. It is expected that this process will be completed within the next few months.
Mr. Hani Al-Qadi, Chairman of the Board of Directors of Arab Jordan Investment Bank, commented, “We are pleased to sign this agreement today with National Bank of Kuwait, a leading regional and international bank, which is considered the first national bank incorporated in the State of Kuwait and the Gulf region. We are also pleased to announce that this agreement is already approved by the regulatory authorities.”
Al-Qadi further explained that this purchase falls within AJIB’s strategy to grow its banking business market share in Jordan, which continues to expand following the bank’s landmark acquisition of HSBC's banking business in Jordan in 2014, a transaction that is considered one of the largest acquisitions in the Jordanian banking sector. Signing this deal today is a testimony to the bank’s strong financial position and enhances AJIB’s presence in the Jordanian banking sector.
Al-Qadi added, “We look forward to closely working with NBK’s team over the coming few months towards achieving a successful conclusion to this transaction without impact on clients and employees.”
The Group CEO of the National Bank of Kuwait, Mr. Isam Al-Sager, expressed his happiness for signing this agreement with Arab Jordan Investment Bank. He also commended the close relationship between the two banks and its reflection on the success of the negotiations. He also complemented the role of the regulatory authorities for their swift support in completing the needed procedures.
Al-Sager said: “NBK Group’s international strategy is based on expanding business throughout all sectors within core markets where we operate, building on our excellence in digital banking services and wealth management products and services, especially after consolidating private banking services and NBK Capital products and services under one umbrella to better meet our private banking customers’ needs.”