Bank al Etihad to acquire Investbank
Bank al Etihad and banking solutions provider Investbank have announced Jordan's largest banking merger.
Both the companies' respective boards of directors have approved a strategic merger under which Bank al Etihad is set to acquire 100% of Investbank's share capital.
This acquisition will be executed through a capital increase by Bank al Etihad, where newly issued shares will be allocated to Investbank shareholders in exchange for their full ownership transfer.
The merger will result in Investbank being integrated into Bank al Etihad, which will remain the surviving entity, in compliance with relevant legal and regulatory requirements.
Upon completion, Bank al Etihad's capital is expected to rise to Jd325.2m ($458.6m), with total equity projected to reach approximately Jd1bn ($1.41bn).
The combined total assets will approach Jd11bn ($15.5bn), positioning Bank al Etihad as one of the largest banking institutions in the country.
Both banks have committed to retaining their employees, acknowledging the significance of human capital in achieving success and maintaining stability. They aim to create a supportive work environment that enables professionals to excel in this new phase.
Basem Salfiti will continue as chairman of the board, while Fahmi Abu Khadra is set to become vice chairman, pending board approval.
Muntaser Dawwas is expected to be appointed as CEO, subject to approval from the Central Bank of Jordan. Her excellency Nadia Al-Saeed will remain in her position until the transition is finalised.
The merger will be presented to the general assemblies of both banks during extraordinary meetings scheduled for 25 June 2025.
This will mark the beginning of the formal procedures, pending the necessary regulatory approvals from the Central Bank of Jordan, the Ministry of Industry and Trade / Companies Control Department, and the Jordan Securities Commission.
In 2023, Bank al Etihad partnered with Swiss fintech NetGuardians to enhance its fraud prevention capabilities by implementing NetGuardians' AI-driven payment fraud prevention solution.
"Bank al Etihad to acquire Investbank" was originally created and published by Retail Banker International, a GlobalData owned brand.
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