ammonnews.net

Ammon News - Jordan's Capital Bank on Thursday signed an agreement to fully acquire Societe Generale Bank - Jordan (SGBJ) in a deal whose value was not disclosed. In a statement, Capital Bank said the move is part of a drive to expand its foothold and enhance its competitive position in the Jordanian banking market.

Under the deal, Capital Bank will also acquire SGBJ Brokerage Company, a subsidiary of SGBJ, and merge it with Capital Investments - the investment arm of the Capital Bank Group.

The agreement was signed by the Chairman of the Board of Directors of the Capital Bank Group, Bassem Khalil Al-Salem, and the representative of Societe Generale Bank in Lebanon, George Saghbini.

The statement said the deal is a prelude to Capital Bank's acquisition of all operations and branches of SGBJ in Jordan, after obtaining final approvals from regulatory authorities. This is the second such acquisition by Capital Bank in less than 12 months.

The takeover will raise the assets of the Capital Bank Group to about JD6 billion, according to the bank's statement. "The acquisition will support Capital Bank's plans to strengthen its competitive position and implement its expansion agenda," said Chairman Al-Salem.

For his part, Capital Bank CEO, Daoud Al-Ghoul, said that the deal will strengthen the bank's balance sheet and provide a new source of revenue for the Capital Bank group by merging SGBJ Leasing Company with the group.