Capital Bank successfully finalizes the merger of Société Générale Bank-Jordan

Amman, Jordan: Capital Bank announced the completion of the merger of the assets and liabilities of Société Générale de Banque -Jordanie (SGBJ), which was pursuant to the final agreement signed between the two parties and after obtaining final approvals from the relevant regulatory and supervisory authorities.

The merger includes the transfer of all information related to retail and corporate clients’ accounts and banking products, in addition to SGBJ’s entire network of branches and ATMs across the country to Capital Bank. Ownership of SGBJ Leasing Company has also been transferred to Capital Bank, under the new name (Capital Leasing) with all customer accounts subsequently transferred to Capital Leasing, in addition to the financial brokerage services provided by SGBJ Financial Brokerage Company, which in turn have been transferred to Capital Investments - the investment arm of Capital Bank Group.

The merger of SGBJ Leasing Company will further diversify the group’s business and revenues by offering the group’s customers new value-added services, while the merger of SGBJ financial brokerage company with Capital Investments will support the profitability of the group’s investment arm by raising operational efficiency.

Capital Bank confirmed that all former SGBJ customer information and accounts were transferred in a seamless manner, including their loans and deposits and with the same conditions that will remain unchanged for the time being. New customers will now be able to benefit from a wide range of innovative banking solutions and services that were specifically designed to meet the needs and aspirations of Capital Bank’s growing customer base.

The acquisition of SGBJ, the second completed by Capital Bank in less than a year, propels the group forward towards achieving its strategic goals and further advances its financial position in the markets within which it operates. With this latest acquisition, the group’s total assets have reached JD6.5 billion, while shareholder equity totals approximately JD600 million.

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