Standard Chartered agrees to sell business in Jordan

Standard Chartered agrees to sell business in Jordan

The British multinational bank Standard Chartered plans to sell its business in Jordan to AJIB, implementing its strategy to expand to fast-growing markets.

Arab Jordan Investment Bank (AJIB) signed the agreement to purchase Standard Chartered’s business in Jordan, according to a statement published on the bank’s official website. 

Standard Chartered’s global strategy is to expand to fast-growing markets such Egypt and Saudi Arabia to align with its sustainable financial growth.

AJIB said the deal falls within the Jordanian bank’s goal to expand its market share in the country, which continues to grow after it purchased HSBC’s banking business in Jordan in 2014 and National Bank of Kuwait’s banking business in Jordan in 2022. 

All Standard Chartered Bank employees in Jordan will be transferred to AJIB, it said an emailed statement.

According to the Standard Chartered’s published financial reports, its income grew by 15 per cent to US$16.3 billion in 2022, highest since 2014, and the underlying profit before tax went up by 15 per cent to US$4.8 billion.

Standard Chartered plans to leave seven markets: Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe .

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