Jordan’s Capital Bank Agrees to Buy Assets From Lebanon’s Bank Audi

Business

December 29th, 10:30am

Asharq Al-Awsat

The logo of Bank Audi is seen at the main entrance of the Bank's head office in Beirut, Lebanon January 24, 2017. (Reuters)

Jordan’s Capital Bank Group finalized a deal on Tuesday to acquire top Lebanese lender Bank Audi’s businesses in Iraq and Jordan in move to diversify and expand its operations, the bank’s chairman said. Both parties agreed not to disclose the value of the deal, which has secured the necessary approvals from Jordan’s Central Bank and the Central Bank of Iraq, Capital Bank Group Chairman Bassem Al-Salem told Reuters. “This agreement responds to Capital Bank’s plans to enhance its competitive position and expand its regional and local expansion in Jordan and Iraq,” Al-Salem said. It will increase Amman-based Capital Bank Group’s assets by about a third to around 3.7 billion Jordanian dinars ($5.23 billion). Shareholders equity will exceed 400 million dinars. Bank Audi expanded in Jordan and Iraq as part of an aggressive regional push before a major financial crisis hit Lebanon and paralysed its banks, forcing some of them to try to divest assets.

from Asharq AL-awsat https://english.aawsat.com/home/article/2709911/jordan%E2%80%99s-capital-bank-agrees-buy-assets-lebanon%E2%80%99s-bank-audi