Standard Chartered to sell Jordanian business to AJIB

The bank had already announced last year that it was planning to exit Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.

Under the agreement, the Corporate, Commercial & Institutional Banking (CCIB), and Consumer, Private & Business Banking (CPBB) businesses of Standard Chartered in Jordan will be migrated to AJIB. In addition, all of Standard Chartered Bank Jordan’s employees will be transferred to AJIB.

AJIB said in a statement on Sunday that the two banks will work closely in the coming months "to provide a seamless transition for its clients and staff".

Sunil Kaushal, the regional chief executive office of Standard Chartered Bank in Africa & the Middle East, said the sale is aligned with the bank’s global strategy "to deliver efficiencies, reduce complexity, and redirect resources within the AME region to those areas with the greatest potential to drive scale, grow and better support clients".

"Our agreement with AJIB will allow us to accelerate our strategy and leverage on their record of previous acquisitions to meet the financial needs of our clients. We will work closely with AJIB to service the needs of our global clients in Jordan. While we will be selling our local business, we will continue to facilitate and be a bridge for international capital flows into Jordan," Kaushal said.