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Established in 2006 as a Community of Reality

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Urgent .. Capital Bank of Jordan begins the due diligence examination of Bank Audi units in Jordan a

rocky
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Urgent .. Capital Bank of Jordan begins the due diligence examination of Bank Audi units in Jordan a Empty Urgent .. Capital Bank of Jordan begins the due diligence examination of Bank Audi units in Jordan a

Post by rocky on Wed 16 Sep 2020, 7:55 am

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[You must be registered and logged in to see this link.]  Posted On September 13, 2020 - 11:29 Pm[/size]
[You must be registered and logged in to see this link.]  Lebanese Bank Audi
 
 
Reuters - The Chairman of Capital Bank, Basem Al-Salem, said that his bank had begun a due diligence examination of the Lebanese Bank Audi units in Iraq and Jordan, in a deal that would help the Jordanian bank to diversify and expand locally and regionally.
 
On Sunday, Capital Bank said in a disclosure to the stock exchange that the two sides signed a letter of intent to acquire the assets and liabilities of Bank Audi and that it had obtained preliminary approval from the two monetary authorities.
Basem Al Salem, head of Capital Bank, told Reuters that there is agreement on the basic principles but that it will take some time.
Al-Salem said he expected a binding offer by the end of October, but that he was subject to the results of the examination.
Capital Bank, a Jordanian bank with assets of $ 3.5 billion at the end of June, will be able to diversify into retail banking services by acquiring return operations in Jordan through its fifteen local branches.
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The acquisition of Iraq’s Audi unit allows Capital Bank to expand into a banking scene specializing in the corporate market where Capital Bank already enjoys a presence through its 62% ownership in the National Bank of Iraq, a retail bank with more than $ 533 million in assets.
Al-Salem added, "We have applied for their operations because we are interested in expanding in both markets."
Some Lebanese lenders are trying to withdraw non-core assets to meet the Lebanese Central Bank's requirements for an increase in property rights.
Two sources familiar with the matter said First Abu Dhabi Bank (Fab) plans to resume talks to buy Egyptian businesses for Lebanon's Audi Audi Bank.
Dubai's largest bank, Emirates NBD, is in talks to buy the Egyptian unit of Lebanon's Blom Bank.


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