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SGBJ acquires NBAD Jordan operations

By JT - Jul 15,2018 - Last updated at Jul 15,2018

AMMAN — Société Générale de Banque – Jordanie (SGBJ) has recently signed an agreement with First Abu Dhabi Bank (FAB) to acquire its National Bank of Abu Dhabi (NBAD) Jordan business operations, according to an SGBJ statement. 

The deal has been approved by the Central Bank of Jordan, the statement said, adding that the deal covers the transfer of employees and relevant suppliers’ contracts. 

All NBAD Jordan clients, employees and branches will be transferred to SGBJ. The transaction will be completed over the coming months and until the sale is complete, NBAD Jordan will remain open for business as usual, according to the statement. 

Through the transaction, SGBJ said it seeks to accelerate its growth strategy by leveraging this business opportunity to enhance and consolidate its position in the Jordanian market, thus complementing previous growth achieved over the past five years.

SGBJ operates as a universal bank through a network of 17 branches located across different areas in Amman and other governorates. 

It offers a wide range of banking services, covering retail, corporate, SMEs, private banking, brokerage and leasing, said the statement. 

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