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.
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