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Capital Bank buys the assets of the Lebanese "Audi" in Iraq and Jordan


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Capital Bank buys the assets of the Lebanese "Audi" in Iraq and Jordan

Capital Bank buys the assets of the Lebanese "Audi" in Iraq and Jordan
One of the branches of the Jordan Capital Bank "Capital Bank"
 
Capital Bank
EXFB
 
2.13%0.960.02

Mubasher: Jordan’s Capital Bank ( EXFB ), listed on the Amman Stock Exchange, ended a deal today, Tuesday, to acquire Bank Audi’s assets in Iraq and Jordan.

This was confirmed by the Chairman of Capital Bank, according to Reuters news agency, pointing out that the bank aims to diversify and expand its operations with this deal.

Al-Salem added that the two parties to the deal agreed not to disclose the value of the deal, and that it had obtained the approval of the Central Bank of Jordan and the Iraqi Central Bank.

"This agreement comes in response to Capital Bank's plans to enhance its competitive position and expand its regional and local expansion in Jordan and Iraq," Al-Salem said.

The assets of the Capital Bank Group will increase to about 3.7 billion dinars (5.23 billion dollars), to exceed shareholders' equity by 400 million dinars.

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Al-Mustaqilah / - Jordan's Capital Bank Group concluded an agreement to acquire the activities of the branches of the Lebanese Bank Audi in Iraq and Jordan, in an effort to diversify its activities and expand its presence in the region.

 

Basem Al-Salem, Chairman of Jordan Capital Bank, told Reuters that both parties agreed not to disclose the value of the deal, which comes after obtaining the necessary approvals from the two central banks in Jordan and Iraq
. “The agreement is in line with Capital Bank’s plans to enhance its competitive position. And increase its regional and local expansion in Jordan and Iraq.
Al-Salem said that 14 branches of Bank Audi in Jordan and five branches in Iraq will be integrated into the existing Capital Bank network.

He added that Capital Bank seeks to expand in Iraq through the majority stake it owns in the National Bank of Iraq, which is 62%. The bank’s assets exceed $ 533 million.
The latest acquisition will help Capital Bank, whose shareholders are among the largest industrial and businessmen in Jordan, expand into the SME sector and retail markets.

The CEO of Capital Bank, Dawood Muhammad Al-Ghoul, said that all transactions of Bank Audi and its employees will be preserved, and all obligations towards customers with whom Bank Audi units contracted in Iraq and Jordan will be kept without any change.

 

Jordan's Capital Bank Group concluded an agreement to acquire the activities of the branches of the Lebanese Bank Audi in Iraq and Jordan, in an effort to diversify its activities and expand its presence in the region.

Basem Al-Salem, Chairman of Jordan Capital Bank, told Reuters that both parties agreed not to disclose the value of the deal, which comes after obtaining the necessary approvals from the two central banks in Jordan and Iraq
. “The agreement is in line with Capital Bank’s plans to enhance its competitive position. And increase its regional and local expansion in Jordan and Iraq.
Al-Salem said that 14 branches of Bank Audi in Jordan and five branches in Iraq will be integrated into the existing Capital Bank network.

He added that Capital Bank seeks to expand in Iraq through the majority stake it owns in the National Bank of Iraq, which is 62%. The bank’s assets exceed $ 533 million.
The latest acquisition will help Capital Bank, whose shareholders are among the largest industrial and businessmen in Jordan, expand into the SME sector and retail markets.

The CEO of Capital Bank, Dawood Muhammad Al-Ghoul, said that all transactions of Bank Audi and its employees will be preserved, and all obligations towards customers with whom Bank Audi units contracted in Iraq and Jordan will be kept without any change.

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Economy News _ Baghdad

The Chairman of Capital Bank of Jordan said that the group has concluded an agreement to acquire the activities of the branches of the Lebanese Bank Audi in Iraq and Jordan in an effort to diversify its activities and expand its presence in the region.

The Chairman of Jordan’s Capital Bank Group, Bassem Al-Salem, told Reuters that the agreement, in which both parties agreed not to disclose its value, comes after obtaining the necessary approvals from the two central banks in Jordan and Iraq.

 
 
Number of observations 75   Date added 12/29/2020
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NASDAQ Report
 
Jordan's Capital Bank buys assets from Lebanon's Bank Audi
 
CONTRIBUTOR
Suleiman Al-Khamani2020-03-17T145250Z_787144249_RC2QLF9M5R49_RTRMADP_2_HEALTH-CORONAVIRUS-LEBANON.JPG?itok=XMqdVMwV
CREDIT: REUTERS/ALI HASHISHO.AMMAN, Dec 29 (Reuters) - Jordan's Capital Bank Group finalised a deal on Tuesday to acquire top Lebanese lender Bank Audi's AUDI.BY businesses in Iraq and Jordan in move to diversify and expand its operations, the bank's chairman said.

 

 

Both parties agreed not to disclose the value of the deal, which has secured the necessary approvals from Jordan's Central Bank and the Central Bank of Iraq, Capital Bank Group Chairman Bassem Al-Salem told Reuters.

 

"This agreement responds to Capital Bank's plans to enhance its competitive position and expand its regional and local expansion in Jordan and Iraq," Al-Salem said.

 

It will increase Amman-based Capital Bank Group's assets by about a third to around 3.7 billion Jordanian dinars ($5.23 billion). Shareholders equity will exceed 400 million dinars.

 

Bank Audi expanded in Jordan and Iraq as part of an aggressive regional push before a major financial crisis hit Lebanon and paralysed its banks, forcing some of them to try to divest assets.

 

https://www.nasdaq.com/articles/jordans-capital-bank-buys-assets-from-lebanons-bank-audi-2020-12-29

 
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