First Abu Dhabi Bank sells NBAD Jordan operations to SGBJ

The deal includes the transfer of employees and relevant suppliers’ contracts, and it was approved by the Central Bank of Jordan on 10 July

  
Image for illustrative purposes. First Abu Dhabi Bank head office situated at Khalifa Business Park Abu Dhabi.

Image for illustrative purposes. First Abu Dhabi Bank head office situated at Khalifa Business Park Abu Dhabi.

First Abu Dhabi Bank/ Handout via Thomson Reuters Zawya

Abu Dhabi First Abu Dhabi Bank (FAB) has signed an agreement with Societe Generale de Banque - Jordanie (SGBJ) on Thursday to sell its National Bank of Abu Dhabi (NBAD) Jordan business operations to SGBJ.

The deal includes the transfer of employees and relevant suppliers’ contracts, and it was approved by the Central Bank of Jordan on 10 July, according to a statement.

This sale reflects FAB Group’s strategic vision for the upcoming period and does not impact its commitment to any of the bank’s other businesses or locations, the statement indicated.

Meanwhile, SGBJ seeks to accelerate its growth strategy by leveraging on this business opportunity to enhance and consolidate its position in the Jordanian market, thus complementing previous strong organic growth achieved over the past five years.

The statement also noted that until the sale is complete, NBAD Jordan remains open for business as usual, as the transaction will be completed over the coming months.

Source: Mubasher

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