Hariri family sells Arab Bank stake for $1.12 bln

New deal will contribute in expanding the bank’s ownership network: official

  
Image for illustrative purposes. Arab Bank offices in Beirut.

Image for illustrative purposes. Arab Bank offices in Beirut.

REUTERS/Mohamed Azakir

09 February 2017

BEIRUT: Arab Bank Chairman Sabih al-Masri has completed a deal that saw the Hariri family sell its 20-percent stake in the lender, a statement said Wednesday. “The 20-percent share of [the] Hariri family at the Arab Bank was sold for $1.12 billion to a group of 40 Arab and Jordanian investors headed by Sabih al-Masri,” the statement said.

The statement noted that Masri made big efforts in the past few weeks to meet all the necessary requests and procedures to complete the purchase transaction.

It added that around 70 percent of the owners of the Arab Bank today are Jordanians. “This new deal will contribute in expanding the bank’s ownership network,” the statement said. “The deal will also strengthen the stability of the banking system in Jordan while reflecting the capability of this sector in attracting investments.”

The Arab Bank announced over a week ago that its net profits after taxes rose by 20 percent to $533 million in 2016 compared to $442 million in 2015.

In view of the results, the board of directors has recommended to shareholders the distribution of 30 percent cash dividends for the financial year ended December 2016.

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