CAPITAL BANK OF JORDAN Capital Bank has announced the signing of an agreement to acquire 100% of Société Générale Jordan's capital, a move that is in line with its expansion strategy, and ultimately strengthens its competitive position in the Jordanian banking market.
The agreement was signed by Chairman of Capital Bank Group Bassem Khalil Al-Salem and Société Générale Lebanon representative George Saghbini and attended by executive team members from both banks.
This agreement paves the way for Capital Bank's full acquisition of all Société Générale's branches and operations in Jordan, pending final approval from the relevant regulatory and supervisory authorities. This will mark the second acquisition of its kind by Capital Bank in less than 12 months.
The agreement, which will raise the value of Capital Bank's assets to approximately JD6 billion, will further the bank's position in the Jordanian banking market as well as with all its stakeholders.
At the signing, Al-Salem said, "The acquisition of Société Générale Jordan will advance Capital Bank's strategy of consistently reinforcing its competitive position and implementing its bold expansion plan and will allow it to continue providing its innovative and efficient banking services to corporate and individual customers."
Moreover, Capital Bank CEO Dawod Al Ghoul said, "After the completion of the acquisition, Capital Bank will have an even stronger financial standing, which will, in turn, advance its competitive position both locally and regionally. The bank will continue implementing its digital transformation plan, providing innovative and effective services to its growing client base." Al Ghoul went on to add that the acquisition will also add a new facet to Capital Bank Group's revenues through Société Générale's financial leasing company.
Société Generale General Manager Nadim Abawat said, "Through this agreement, we will be able to offer added value to the bank's clients, with whom we have a strong relationship, especially in light of Capital Bank Group's forceful steps towards digital transformation, which is a valuable investment that will allow future challenges to be met and will open the way for more sophisticated and effective banking solutions."
The agreement will also include the acquisition of Société Générale Jordan's financial brokerage company, whose clients will join Capital Invest, the investment arm of Capital Bank Group, a move that offers new clients access to extensive financial brokerage services, corporate financing, and asset management services in local, regional, and international markets.
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Capital Bank of Jordan PSC published this content on 17 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2022 12:17:06 UTC.
