Finance & Economics

Standard Chartered Finds Buyer for Its Jordan Business

Standard Chartered plans to sell its business in Jordan to Arab Jordan Investment Bank (AJIB)

Standard Chartered Finds Buyer for Its Jordan Business

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Standard Chartered entered an agreement with Arab Jordan Investment Bank (AJIB) to sell its corporate, commercial and institutional banking, consumer lending and private banking businesses in Jordan.

All Standard Chartered Bank employees in the country will be also transferred to AJIB. The two banks promise to work closely in the coming months to provide a seamless transition for both clients and employees.

The deal is aligned with the bank’s global strategy to “redirect resources within the Africa Middle East region to areas with the greatest potential”. Namely, Standard Chartered had previously announced it planned to leave seven less prospective markets: Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.

“Our agreement with AJIB will allow us to accelerate our strategy and leverage on their record of previous acquisitions to meet the financial needs of our clients. We will work closely with AJIB to service the needs of our global clients in Jordan. While we will be selling our local business, we will continue to facilitate and be a bridge for international capital flows into Jordan.”
Sunil Kaushal, the Regional Chief Executive Office of Standard Chartered Bank in Africa & the Middle East

Meanwhile, AJIB aims to grow its market share in the country. The lender acquired HSBC’s banking business in Jordan in 2014 and the National Bank of Kuwait’s banking business in Jordan in 2022.

AJIB Chairman Hani Al-Qadi also added the agreement had already been approved by the regulatory authorities.

In February, Standard Chartered Bank and Singapore-based Allinpay made PayNow’s instant cross-border payments feature available to merchants and businesses in Hong Kong. With this move, the financial institution currently has access to more than 20 instant payment infrastructures around the world.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.