Standard Chartered Bank has agreed to sell its corporate, commercial, institutional, consumer, private and business banking businesses in Jordan to Arab Jordan Investment Bank (AJIB), following the approval of the Central Bank of Jordan. All of Standard Chartered Bank Jordan’s employees will also be transferred to AJIB. The two banks will work closely to ensure a seamless transition for their clients and staff.
The purchase supports AJIB’s strategy to grow its market share in Jordan, following its acquisition of HSBC’s banking business in Jordan in 2014 and the National Bank of Kuwait’s banking business in Jordan in 2022. The transaction aligns with Standard Chartered’s global strategy to reduce complexity and redirect resources within the Africa and Middle East region. Sunil Kaushal, regional CEO of Standard Chartered Bank in Africa and the Middle East, said the agreement with AJIB will allow the bank to leverage on their track record of previous acquisitions to meet the financial needs of its clients.