Amman, (Business News Report)|| Capital Bank continues to expand in the market of Jordan, through recent acquisitions.
The head of Capital Bank, Bassem Al-Salem, said that the bank has acquired 100% of Société Générale Jordan, to expand its business locally and regionally.
Capital Bank’s acquisition is the second since the beginning of this year.
T bank will acquire the ownership of Société Générale Jordan, which is a fully licensed bank in Jordan, as well as the financial brokerage company it owns. Al-Salem did not disclose the value of the deal.
He also added, “This acquisition will help support the bank’s intentions to improve its competitive position in the local market and proceed with its expansion plans in the region.”
Capital Bank’s board of directors approved in December a mandatory offer to acquire Société Générale Jordan, of which Société Générale in Lebanon owns 87.7%, according to the latest information on Société Générale Jordan’s website.
Last year, Capital Bank, one of Jordan’s largest banks, completed the acquisition of Lebanese Bank Audi’s activities in Iraq and Jordan in a move aimed at diversifying and expanding its operations in the region.
Al-Salem stated that the bank also aims to expand in Iraq by purchasing a 62% majority stake in the National Bank of Iraq, a bank that provides services to individuals and has nearly doubled its assets within a year to $1.1 billion.
The bank also received approval from the Saudi government to open a branch of the National Bank of Iraq in Saudi Arabia, which will enhance financial transactions between the three neighboring countries.
Al-Salem pointed out that Capital Bank’s assets, whose shareholders include major companies and industrialists in Jordan, increased 45% in less than a year to about six billion dinars ($8.5 billion).
The bank expanded in the past years to serve small and medium companies and individuals.
Meanwhile, the deal will also include the acquisition of Société Générale Jordan Brokerage, a subsidiary of Société Générale Bank, and the inclusion of its clients with the Capital Bank’s client base.
