AJIB completes acquisition of National Bank of Kuwait operation in Jordan

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(Photo: AJIB's Twitter account)

AMMAN — The Arab Jordan Investment Bank (AJIB) said it completed the acquisition of the National Bank of Kuwait (NBK) in Jordan, according to an AJIB statement.اضافة اعلان

Procedures were completed at the close of business last Wednesday.

Hani Al-Qadi, chairman of AJIB’s board of directors, said the process of acquiring the banking operations of NBK Jordan was completed in a record period of three months from the date of signing the agreement with NBK to acquire its business in Jordan.

Qadi said NBK’s customers will be served by AJIB, reiterating the bank’s commitment to “provide comprehensive and advanced banking products and services that meet all their banking needs.”

The acquisition is part of AJIB’s expansion strategy to grow its banking business market share in Jordan, Qadi said. He explained that AJIB’s acquisition experience and business transfer procedures, in addition to the bank’s strong financial position, contributed to the success of acquiring NBK.

The acquisition is Ajib’s second since 2014, when the bank successfully acquired HSBC’s local banking operations, the largest foreign bank operating in Jordan at the time.


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