FAB sells NBAD Jordan operations to SGBJ

Published: Thu 12 Jul 2018, 8:17 PM

Last updated: Thu 12 Jul 2018, 10:24 PM

First Abu Dhabi Bank (FAB) signed an agreement on Thursday with Société Générale de Banque - Jordanie (SGBJ), to sell its National Bank of Abu Dhabi (NBAD) Jordan business operations to SGBJ, including the transfer of employees and relevant suppliers' contracts.
The agreement, which follows a careful process to select the buyer who will be the best fit for both its employees and customers, has been approved by the Central Bank of Jordan. The approval was received on July 10, 2018.
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.
By embarking on this transaction, 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.
SGBJ operates as a universal bank through a network of 17 branches located across different areas in Amman and other key governorates. It offers a wide range of banking services, covering retail, corporate, SMEs, private banking, brokerage and leasing.
All NBAD Jordan clients, employees and branches will be transferred to SGBJ. The transaction will be completed over the coming months, as both parties work together to ensure a seamless transition for clients and employees. Until the sale is complete, NBAD Jordan remains open for business as usual.
- business@khaleejtimes.com