Capital Bank received the "Best Implementation of Core Banking Services" award from IBS Intelligence in 2023, marking a significant achievement in their year. This accolade, presented by IBS Intelligence based in the UK, recognizes Capital Bank's excellence and innovation in the banking sector.

The award specifically highlights how Capital Bank utilized Temenos’ core banking solutions to launch a transformative project aimed at upgrading its core banking system. This strategic move aligns with the bank's vision for expansion and its ambitious growth plans.

Over recent years, Capital Bank successfully executed three major core banking projects, each significantly impacting the bank's performance within remarkably short timeframes. Notably, the smooth launch of the National Bank of Iraq's branch in Saudi Arabia within just 45 days enabled an enhanced banking experience for customers.

Additionally, Capital Bank streamlined operations through the acquisition of Jordan's Bank Audi, strengthening its presence in the Jordanian market and improving operational efficiency. The bank also effectively managed the challenges of merging with Société Générale - Jordan, ensuring a seamless transition and consistent experience for customers.

The core banking solutions contributed to Capital Bank's achievements, elevating operational efficiency. This translated into significant cost savings and operational flexibility, and operations efficiency directly benefiting customers with faster and more accurate transaction processing and immediate service requests, ultimately enhancing customer retention rates.

Izzidin Abusalameh, Capital Bank Group’s Chief Operations Officer, stated, “We take pride in receiving this prestigious award from IBS Intelligence, a testament to our commitment to continuous innovation and operational excellence. Our partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans. This has allowed us to smoothly integrate acquisition operations, expand into new markets, continuously enhance our service offerings, and now we're in an ideal position to leverage future opportunities and deliver greater value to our customers and stakeholders."

Abusalameh expressed deep appreciation for the team's efforts in these projects, acknowledging their pivotal role in achieving this award. He also reiterated the bank's commitment to continuous improvement and leading positive change in the banking industry.

Lee Allcorn, Managing Director – MEA, Temenos, said: “Congratulations to our client Capital Bank on this well-deserved award that recognizes the success of its core banking modernization with Temenos. Capital Bank is an exemplar of what is possible with a modern, agile platform and the latest banking capabilities. With Temenos, Capital Bank is future-ready and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”

Nikhil Gokhale, Director - Research & Digital Properties at IBS Intelligence, said "On behalf of IBS Intelligence, I’d like to congratulate the teams at Capital Bank of Jordan and Temenos for their well-deserved win in the category of ‘Best Core Banking Project Implementation’ at the Global Fintech Innovation Awards 2023. This collaboration also showcased the reliability and robustness of Temenos' platform. The partnership between Temenos and Capital Bank of Jordan was instrumental in the smooth technology integration during major acquisitions that the bank undertook. This project caught our judges’ attention thanks to the seamless implementation of technology upgrades, completed over just a few months, enabled Capital Bank to swiftly integrate Bank Audi Jordan and Société General Bank Jordan, minimizing disruption and unlocking the benefits of a larger operational footprint.”

About Capital Bank Group

Capital Bank Group is considered one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion, while the total equity is nearly JOD 728 million.

Capital Bank Group includes Capital Bank, which since its inception in 1995, has grown to become one of the top financial institutions in Jordan, offering the Jordanian market a comprehensive set of commercial and investment banking services and solutions tailored to the needs of retail and corporate clients alike.

In 2005, Capital Bank (Jordan) purchased majority shares of the National Bank of Iraq (61.85%), which enabled NBI to develop its products and services, strengthen its foothold and enhance financial inclusion at the country level, support export activities and provide all services to Jordanian companies operating In Iraq.  In 2021, the National Bank of Iraq continued to realize its expansion strategy by launching its first branch in the Kingdom of Saudi Arabia to provide financial and trade services to its corporate clients.

As for Capital Investments, it is a wholly owned subsidiary of Capital Bank established in 2006 and is set as a regional leader in providing comprehensive investment banking services that include asset management, brokerage as well as corporate financial advisory. The company serves a diverse array of local, regional, and international clientele, including major corporations,

government entities, and high-net-worth individuals through its offices in Jordan and the United Arab Emirates / Dubai International Financial Center (DIFC).

Further building on its ambitious expansion strategy, Capital Bank Group also acquired Bank Audi’s operations in both Jordan and Iraq in 2021 and followed that milestone in 2022 with the merger with the acquisition of the branches and operations of Société Générale Bank in Jordan, strengthening its competitive position in the Jordanian banking market. In early 2022, Capital Bank launched its digital bank - Blink, to re-imagine the way people conduct their banking operations, targeting young individuals.

In June 2022, Capital Bank raised its capital through issuing new shares in favor of the Public Investment Fund (PIF) – one the largest sovereign funds worldwide – as a strategic investor in Capital Bank. with a 23.97% stake, a milestone which will enable the Group to implement its expansion strategy and introduce new products and services to meet the needs of its clients and benefit its shareholders.

For more information, please visit Capital Bank website: