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Arab Jordan Investment Bank agrees to acquire HSBC’s business in Jordan

By Petra - Jan 20,2014 - Last updated at Jan 20,2014

AMMAN — Arab Jordan Investment Bank (AJIB) on Monday signed an agreement to acquire HSBC Bank Middle East Limited banking business in Jordan. According to a statement issued by the AJIB, the bank’s business comprised at the end of September 2013 four branches with gross assets of about $1.2 billion.

The transaction is expected to be completed during the first half of 2014, the statement said.

Noting that the deal won the approval of the regulatory authorities, AJIB General Manager and Chief Executive Officer Hani Al Qadi said the acquisition is part of AJIB’s growth strategy, and the business acquired will complement its share in the Jordanian banking market.

“We look forward to working with HSBC’s local team over the next few months to ensure a smooth transition with minimal impact on clients and employees,” he added.

HSBC Bank Middle East Limited is a principal member of the HSBC Group since 1959, the bank’s unique relationship with the Middle East dates back more than a century.

Founded in London in 1889, it pioneered banking in the region.

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