Jakarta, CNN Indonesia —
Standard Chartered plans to sell its business in Jordan to Arab Jordan Investment Bank (AJIB). Both parties announced the agreement on Sunday (26/3).
The deal is part of the lender’s emerging market-focused plan to exit seven markets in Africa and the Middle East. With this agreement, all Standard Chartered Bank employees in Jordan will be transferred to AJIB.
Banks that sign an agreement with AJIB will be subject to central bank approval which will then allow Standard Chartered’s corporate, commercial and institutional banking businesses including consumer lending and private banking to migrate to AJIB.
Launching Reuters, Sunday (26/3), Standard Chartered Africa and Middle East CEO Sunil Kaushal said the agreement aligns with the bank’s global strategy to provide efficiencies, reduce complexity and direct resources in the Middle East African region to areas with the greatest potential to drive scale, grow and better support clients.
Meanwhile, AJIB said the purchase was included in the Jordanian lender’s strategy to grow its market share in the country, which has continued to grow after acquiring HSBC’s banking business in Jordan in 2014 and National Bank of Kuwait’s banking business in Jordan in 2022.
Previously, Standard Chartered said in April 2022 it planned to leave seven markets consisting of Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.