December 4 2022 11:58 PM E-paper Subscribe Sign in My Account Sign out

Recent bank acquisitions will not trigger staff layoffs — association

open-vault-at-a-bank-2021-08-28-21-36-12-utc
(Photo: Envato Elements)
AMMAN – No staff member of banks recently merged or acquired by other banks will be laid off, said Director of the Association of Banks in Jordan (ABJ) Maher Mahrouq on Sunday, a few days after Jordan’s Capital Bank and Arab Jordan Investment Bank (AJIB) acquired Societe Generale Bank Jordan and the National Bank of Kuwait (NBK-Jordan), respectively, according to Jordan News Agency, Petra.اضافة اعلان

Mahrouq cited AJIB’s 2014 acquisition of HSBC and Capital Bank’s takeover of Lebanese lender Bank Audi’s businesses in Iraq and Jordan in 2020 as examples of deals that did not force the dismissal of employees of any of the acquired banks.

“The acquiring bank will preserve all the rights and privileges that employees enjoyed during their employment with the acquired bank, in a way that guarantees them job continuity and security,” he said.


Read more Business