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Capital Bank of Jordan begins the due diligence examination of Bank Audi units in Jordan and Iraq


yota691
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Reuters - The Chairman of Capital Bank, Basem Al-Salem, said that his bank had begun a due diligence examination of the Lebanese Bank Audi units in Iraq and Jordan, in a deal that would help the Jordanian bank to diversify and expand locally and regionally.

 

On Sunday, Capital Bank said in a disclosure to the stock exchange that the two sides signed a letter of intent to acquire the assets and liabilities of Bank Audi and that it had obtained preliminary approval from the two monetary authorities.

Basem Al Salem, head of Capital Bank, told Reuters that there is agreement on the basic principles but that it will take some time.

Al-Salem said he expected a binding offer by the end of October, but that he was subject to the results of the examination.

Capital Bank, a Jordanian bank with assets of $ 3.5 billion at the end of June, will be able to diversify into retail banking services by acquiring return operations in Jordan through its fifteen local branches.

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The acquisition of Iraq’s Audi unit allows Capital Bank to expand into a banking scene specializing in the corporate market where Capital Bank already enjoys a presence through its 62% ownership in the National Bank of Iraq, a retail bank with more than $ 533 million in assets.

Al-Salem added, "We have applied for their operations because we are interested in expanding in both markets."

Some Lebanese lenders are trying to withdraw non-core assets to meet the Lebanese Central Bank's requirements for an increase in property rights.

Two sources familiar with the matter said First Abu Dhabi Bank (Fab) plans to resume talks to buy Egyptian businesses for Lebanon's Audi Audi Bank.

Dubai's largest bank, Emirates NBD, is in talks to buy the Egyptian unit of Lebanon's Blom Bank.

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  • 2 months later...


Publish date: Thursday - 2020-12-10-12:05 4700

 

"Capital Bank" to acquire branches of Bank Audi in Jordan and Iraq next week

 

 

Oman - opinion Al-Ra'i learned that the deal to complete the acquisition of Capital Bank of the banking business of the branches of the Lebanese Bank Audi in Jordan and Iraq will take place next week. According to informed sources, this comes three months after Capital Bank announced that it had signed a non-binding and exclusive "letter of intent" agreement to acquire the banking business of the branches of the Lebanese Bank Audi in Jordan and Iraq and buy its assets and liabilities. Capital Bank was announced in a disclosure that it sent to the Securities Commission last September. , That he obtained the initial approval for the acquisition from the Central Bank of Jordan and the Central Bank of Iraq. According to the disclosure, Capital Bank will prepare a study "in denial of ignorance" of all aspects related to the deal, and upon the outcome of that study, the Securities Commission will be informed of the developments and developments. Capital Bank’s management assured at the time that it would spare no effort to enhance the shareholders ’balance by searching for the best opportunities that would enhance its position in the Jordanian and Iraqi markets.

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On 9/15/2020 at 8:36 PM, Haggisbasher said:

This is Just what Al Warka Bank could do with when after the Banks CBI releases them for the Guardianship is over at end of year.as they have been trading behind the scenes on letters of credit and such like. 

@Haggisbasher

 

I did not know Warka Bank was still in guardianship. According to what you say they will be released "end of year". Is this 100% accurate? If you have an article stating this please post because this would be news that is fantastic and explains alot. Also, years ago I read Standard Chartered Bank was in talks with Warka Bank but then nothing was said after this. I hope that Standard Chartered or other international bank of that caliber would jump all over it first of next year. Either way, Warka getting out from the thumb is a breath of fresh air. Please say it is so!

 

Anyone else please add more insight 😀

 

 

 

 

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5 hours ago, Haggisbasher said:

Go to warka bank victims they have got a Facebook group there.

LMAO, Al-Warka Bank is Jordanian / Sunni family bank.  Setup and established in Iraq by the 30th Finance Corp.  Time will tell how this all places out, personally not worried about Al-Warka.  

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