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French Version

Arab Bank starts merger talks with Jordan Gulf Bank

Merger negotiations are underway between the Arab Bank and the Jordan Gulf Bank.

Omayya Touqan, governor of the Central Bank of Jordan, noted the negotiations were launched on the principle that the Arab Bank would accept the idea to take over the JGB, which faces mounting financial difficulties.

The negotiations came following the CBJís decision earlier this month to assign a temporary managing committee for the Jordan Gulf Bank to rehabilitate its administrative procedures.

Touqan indicated the merger process involves the transfer of all the JGBís deposits and reserves to the Arab Bank automatically. Sources at the Cental Bank indicated the agreement between the Arab Bank and JGB, is expected to be signed after both sides discuss the bargainís conditions. The Arab Bank established special committees to study the merger process. "This merger helps the Arab Bank to enhance the banking sector in the Kingdom," said Abdel Majid Shoman, the Arab Bankís chairman. "The bank wants to maintain its position as a leading Jordanian financial institution in the region."
Meanwhile, another merger negotiations are also taking place between Philadelphia Bank and one of the biggest banks in the Kingdom. Four other banks are taking part in the negotiations to facilitate the merger.

Rumors in the banking sector suggested the Housing Bank for Trade and Finance is the concerned bank to merge with Philadelphia Bank. A CBJ source noted later the deal is expected to happen before the end of this month.


Amman,24February2003
info
The Star


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