Capital Bank Group finalizes acquisition of Bank Audi in Jordan and Iraq

This will include a transfer of all customer accounts and banking products to Capital Bank. Existing customer credit  and debit cards will continue to work as normal after completion of the transfer

  
Capital Bank Group finalizes acquisition of Bank Audi in Jordan and Iraq

Amman, Jordan: Capital Bank Group announced that it has completed the acquisition of the assets and liabilities of all Bank Audi branches and the transfer of the latter's full operations in Jordan and Iraq to Capital Bank Group. The acquisition was finalized based on an agreement that was signed by the two banks on Thursday, March 11th.

According to the acquisition agreement, Bank Audi's branches and ATMs in Jordan will be available to serve customers under Capital Bank’s brand and network as of March 13, 2021 for  branches located in shopping malls, and as of March 14, 2021 for all other branches. This will include a transfer of all customer accounts and banking products to Capital Bank. Existing customer credit  and debit cards will continue to work as normal after completion of the transfer.

In Iraq, Bank Audi has wrapped up business at all five branches on March 11, 2021, transferring operations to the National Bank of Iraq by close of business day, with all client information related to their accounts and products seamlessly transferred. Existing customer credit  and debit cards will continue to work as normal after completion of the transfer.

The Chairman of Capital Bank Group, Bassem Khalil Al-Salem, noted that the acquisition is a significant step in the group's expansion strategy and its ambitious plans to further reinforce its competitive position. Al-Salem noted that this step comes within a streak of growth that the group has witnessed in its budget over the past several years, and according to this acquisition deal,  Capital Bank branches in Jordan will grow to 28 and those of the National Bank of Iraq to 18. Al-Salem said that the group is set to continue offering innovative digital banking products and services to meet the needs of both the retail and corporate segments of its growing client base. All contracts and transactions to which Bank Audi Jordan had committed with its clients will remain unchanged, and all Bank Audi staff and employee contracts will move seamlessly under the umbrella of Capital Bank Group.

Al-Salem also expressed his appreciation for the efforts undertaken by the governor of the Central Bank of Jordan His Excellency Dr. Ziad Fariz, his deputy Dr. Maher Al Sheikh Hasan, and CBJ’s staff,noting that their support has guaranteed the success of the acquisition. Al-Salem also thanked the teams at both Bank Audi and Capital Bank in Jordan and Iraq, who worked diligently to finalize the acquisition in record time.

Bank Audi's assets in Jordan and Iraq reached approximately JOD 650 million by the end of December 2020. The acquisition will expand Capital Bank Group's asset valuation to JOD 3.5 billion, also raising its shareholder equity to approximately JOD 400 million.

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