Bank of Jordan inaugurates its 1st branch in Iraq

Bank of jordan
(Photo: Bank of Jordan)
Press Release — The Bank of Jordan announced it has launched its operations in Iraq, inaugurating its first branch in Baghdad, the bank said in a statement.اضافة اعلان

It said the Bank of Jordan obtained all the required licenses from both the Central Bank of Jordan (CBJ) and the Central Bank of Iraq, together with fulfilling the requisites and completing the procedures pertaining to initiating business operations in the Iraqi market.

Bank of Jordan Chairman Shaker Fakhouri said that the decision to establish a branch in Iraq “serves to boost our regional presence, and exemplifies the strategy adopted by the bank, namely expanding its business operations in the region, where markets are witnessing substantial growth and promising opportunities”.

“This is expected to reflect positively on the services offered to both our current and prospective clients,” he said. “Furthermore, we strive to develop our banking scheme in a manner that reflects the Royal visions of boosting investments and achieving economic coordination and collaboration between the two states, thus consolidating our robust economic and historical relations with Iraq.”

“Today, we launch our operations from Iraq as a testament to the longstanding and robust journey of the Bank of Jordan, which extends back to more than 60 years in the banking and financial industry,” Fakhouri added.

He said the move also underscored the bank’s success in implementing its vision, which “aspires to become a leading institution in the Arab region, while expanding the network of Bank of Jordan branches to include the Iraqi market — considered one of the most prominent markets in the region.”

Fakhouri said that the bank is currently finalizing the preparations for establishing its first branch in the Saudi capital Riyadh, having recently acquired the license permitting it to take part in banking activities within the Kingdom.

He reiterated the bank’s continuous efforts towards regional expansion into countries where markets are witnessing growth and development on both the economic and investment fronts.

The bank’s chairman expressed his thanks and gratitude to the CBJ for the continuous trust and support extended to Bank of Jordan in implementing its external expansion plans. He also commended the Central Bank of Iraq for facilitating the inauguration of Bank of Jordan branch in the capital Baghdad.

Fakhouri said that launching the Baghdad branch is a manifestation of the Bank of Jordan’s commitment to designing its network of branches in a manner that is conducive to achieving the bank’s vision and strategic direction, while serving its large clientele base, through conventional means as well as via offering digital and online services.

He announced that Jawdat Mahmoud Jawdat was appointed CEO of Bank of Jordan – Iraq, owing to his extensive banking experience and expertise, which spans more than 27 years. Jawdat has also commanded several important positions throughout his career at various national, regional and international banking institutions.

Bank of Jordan’s presence in Iraq will allow it to expand the scope of offerings to corporate clients in both Jordan and Iraq. The new branch also boasts a distinctive design that is consistent with the innovative concept of a banking business environment, while being aligned with progressive standards of client privacy and confidentiality, featuring interactive channels and streamlined procedures.

The Bank of Jordan operates in accordance with an approach that is underpinned by the continuous development and enhancement of all activities and lines of business, while keeping up with the rapid developments witnessed by the banking industry, as per best global practices.

Bank of Jordan is one of the first financial institutions to be established in Jordan in 1960. Bank of Jordan commands a large presence, currently extending throughout the Middle East region, through its branches, subsidiaries, digital and online channels. The Bank of Jordan Group consists of the Bank of Jordan – Jordan and Palestine branches and Wholesale Bahrain branch – together with its subsidiaries: Bank of Jordan – Syria, Excel for Financial Investments Company, Jordan Leasing Company; and today, Bank of Jordan – Iraq.

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