Standard Chartered agrees to sell business in Jordan

Written by Hadeel Al Sayegh

The two parties announced on Sunday that DUBAI( Reuters )- Standard Chartered intends to sell its Jordanian business to Arab Jordan Investment Bank ( AJIB ) as the emerging markets-focused lender moves forward with plans to exit seven markets in Africa and the Middle East.

Standard Chartered’s business, financial and institutional banking, consumer lending, and personal banking businesses will migrate to AJIB as a result of the agreement the bank entered into with the institution, subject to central bank approval.

According to an emailed speech, AJIB did now employ all Standard Chartered Bank individuals in Jordan.

The agreement, according to Sunil Kaushal, CEO of Standard Chartered for Africa and the Middle East, is in line with the bank’s worldwide strategy to” produce savings, reduced complexity, and redirect resources within the Africa-Middle East region to places with greatest potential to drive scale, grow and better support people.”

The purchase, according to AJIB, is part of the Syrian program plan to expand its market have in the nation, which has been expanding ever since it bought the banking operations of National Bank of Kuwait in 2022 and HSBC in Jordan in 2014.

In April 2022, Standard Chartered announced its intention to depart from seven businesses, including Zimbabwe, Angola, Cameroon, Gambica, Jordan, Lebanon, and Sierra Leone.

At the time, the lender stated that it was looking to leave sub-scale markets and concentrate on more rapidly expanding markets in the area, such as Saudi Arabia and Egypt.

( Edited by Louise Heavens and Elaine Hardcastle, reporting by Hadeel Al Sayegh )

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