Standard Chartered Bank announced today, Sunday, its intention to sell its unit in Jordan to Arab Jordan Investment Bank, as part of the bank's efforts which focuses on emerging markets to complete its plans to exit seven markets in Africa and the Middle East. The bank has signed an agreement with Arab Jordan Investment Bank, which requires approval from the Central Bank of Jordan to activate it.
Under the agreement, Standard Chartered's corporate and institutional banking activities, as well as consumer lending and private banking operations, will be transferred to the Jordanian bank. In an email statement, the bank confirmed that all its employees in Jordan will be transferred to Arab Jordan Investment Bank.
Furthermore, Sunil Kochar, CEO for Africa and the Middle East at Standard Chartered, pointed out that the agreement aligns with the bank's global strategy "to achieve efficiency, reduce complexity, and redirect resources within the Africa and Middle East region to areas with the greatest potential, enhancing standards and growth to better support clients."
