Baghdad, Iraq, October 24, 2021- To support the growth of smaller businesses in Iraq and help them create jobs and overcome challenges, including from.
The agreement was signed in Amman, Jordan, by Saudi Fund for Development (SFD) CEO Sultan Bin Abdulrahman Al-Marshad and Capital Bank Chairman of the Board of Directors Bassem Khalil Al-Salem in the presence of senior officials from both sides.
Bank Audi has 14 branches in Jordan and five in Iraq. The lenders did not disclose the value of the transaction, which has already been approved by the respective central banks in Jordan and Iraq.
However, Capital Bank said the assets being acquired within each respective market had values of 506 million Jordanian dinars ($713.7m) and 275 billion Iraqi dinars ($231.3m). The acquisitions will increase the value of Capital Bank s assets to 3.6bn Jordanian dinars and its shareholders’ equity to 400m dinars.
Lebanon is undergoing its worst financial and economic crisis since the end of the country s civil war, which has led to many of its banks enter into negotiations to sell off assets to raise capital. Earlier this month, Blom Bank said it has begun exclusive talks with Bahrain’s Arab Banking Corporation (Bank ABC) to potentially sell its Egyptian subsidiary, Blom Bank Egypt.
12/29/2020 | Press release | Distributed by Public on 12/29/2020 03:39
CAPITAL BANK AND BANK AUDI SIGN DEFINITIVE AGREEMENTS FOR THE SALE OF THE ASSETS AND LIABILITIES OF BANK AUDI BRANCHES IN JORDAN AND IRAQ
Capital Bank Group and Bank Audi Group have announced the signing of the definitive agreements for the acquisition by Capital Bank of the operations of Bank Audi s Jordan Branch Network, and the acquisition by the National Bank of Iraq - a subsidiary of Capital Bank Group - of the operations of Bank Audi s Iraq Branch Network, including the purchase of the assets and liabilities of these branches. The completion of these transactions remains subject to the receipt of the final approval of the related supervisory and regulatory authorities.