June 10, 2023 12:22 am

DUBAI, March 26 (Reuters) – Regular Chartered (STAN.L) plans to sell its Jordanian business enterprise to Arab Jordan Investment Bank (AJIB) (AJIB.AM), the two parties mentioned on Sunday, as the emerging markets-focused lender presses ahead with plans to exit seven markets in Africa and the Middle East.

The bank entered into an agreement with AJIB, topic to central bank approval, which will see Regular Chartered’s corporate, industrial and institutional banking, customer lending and private banking organizations migrated to AJIB.

All Regular Chartered Bank personnel in Jordan will be transferred to AJIB, it mentioned an emailed statement.

Regular Chartered’s Africa and Middle East CEO Sunil Kaushal mentioned the agreement is aligned with the banks worldwide approach “to provide efficiencies, lower complexity, as nicely as redirect sources inside the Africa Middle East area to places with the greatest possible to drive scale, develop and far better assistance customers.”

AJIB mentioned the acquire falls inside the Jordanian lender’s approach to develop its marketplace share in the nation, which continues to develop just after it acquired HSBC’s banking business enterprise in Jordan in 2014 and National Bank of Kuwait’s banking business enterprise in Jordan in 2022.

Regular Chartered in April 2022 mentioned it plans to leave seven markets, consisting of Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe. study far more

The bank mentioned at the time it was searching for to exit markets exactly where it is sub-scale and narrow its concentrate to more quickly-expanding markets in the area, such as Saudi Arabia and Egypt.

Reporting by Hadeel Al Sayegh, Editing by Louise Heavens and Elaine Hardcastle

Our Requirements: The Thomson Reuters Trust Principles.

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