Latest news with #CentralBankofJordan
Yahoo
17-05-2025
- Business
- Yahoo
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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Ammon
17-05-2025
- Business
- Ammon
16 initiatives launched to enhance Jordan's global tourist status
Ammon News - Jordan's tourism sector provides 16 initiatives, aimed to develop "marketable" experiences with a focus on travelers who seek unique, world-class experiences in the fields of heritage and nature, as well as religious, therapeutic, wellness, and adventure tourism. According to data from the Central Bank of Jordan (CBJ) and Ministry of Tourism and Antiquities, Jordan's tourism sector achieved "remarkable" growth during the first third of 2025, marking an increase in tourism revenue and an surge in the number of international tourists, compared to the same period in 2024. The Kingdom's tourism revenue during the January-April period of 2025 amounted to approximately JD1.721 billion, reflecting a 15.3% increase, compared to the same period in 2024, when the figure stood at JD1.493 billion. Based on the monthly report issued by the Ministry of Tourism and Antiquities, the total number of international visitors during the January-April period 2025 reached approximately 2.125 million, constituting a 19% increase, compared to the same period in 2024, when the figure stood at 1.785 million. The Kingdom witnessed a "significant" increase in tourism revenues and the number of international visitors during the past months of this year, reflecting a "positive" improvement in the sector's performance. The report noted this growth is due to multiple factors, mainly the "intensified diligent" promotional campaigns targeting "promising" global markets, added to the resumption of a number of direct and low-cost flights, which contributed to facilitating access to Jordan's tourist destinations. The Economic Modernization Vision (EMV), under "Jordan: A Global Destination" Axis, features a set of "qualitative" tourist initiatives, aimed at enhancing the sector's "competitiveness" and achieving "sustainable" growth, especially since the tourism sector is one of the largest contributors to Jordanian economy. The Kingdom boasts "unique" religious, historical, archaeological, heritage, and natural sites, mainly Petra, the Dead Sea, Wadi Rum, the Baptism Site, the Makawar Castle, and the Al-Husseini Mosque. Among the EMV's key tourism-related initiatives are development, management, and preservation of Jordan's tourist sites and facilities, launch of various types of tourist products and activation of the tourist investment initiative.
Jordan News
15-05-2025
- Business
- Jordan News
Tourism revenue increases to JD1.7 billion in first four months of 2025 - Jordan News
Between January and April of 2025, tourism-related profits amounted to over JD1.721 billion, a 15.3 percent rise over the same period in 2024, when they reached JD1.493 billion. اضافة اعلان From January to April 2025, there were roughly 2.125 million foreign visitors overall, a 19 percent increase over the same period in 2024, when there were 1.785 million visitors, according to preliminary data from the Central Bank of Jordan and the Ministry of Tourism and Antiquities. The Kingdom received over 617,000 foreign visitors in April 2025, a 36.7 percent increase over the roughly 451,000 visitors that arrived in the same month in 2024. The Ministry of Tourism and Antiquities' actions, which included creating a tourism product, bolstering infrastructure, enhancing the visitor experience, and broadening marketing campaigns to reach new markets and various forms of tourism, are what led to this successful performance in the tourism industry. Both the number of foreign tourists and tourism-related income have increased significantly in the Kingdom in recent months, indicating a good improvement in the sector's performance. The resumption of several direct and low-cost flights, which helped to facilitate access to Jordanian tourist destinations, and the escalation of carefully planned marketing campaigns aimed at promising international markets are the main causes of this growth.
Zawya
15-05-2025
- Business
- Zawya
Bank al Etihad and INVESTBANK announce Jordan's largest banking merger
Bank al Etihad and INVESTBANK have announced that their respective Boards of Directors have approved a strategic merger under which Bank al Etihad will acquire 100% of INVESTBANK's share capital. The acquisition will be carried out through a capital increase by Bank al Etihad, with all newly issued shares allocated to INVESTBANK shareholders in exchange for transferring full ownership of their shares to Bank al Etihad. This move sets the stage for the formal merger of INVESTBANK into Bank al Etihad (the surviving entity), in accordance with applicable legal and regulatory frameworks. This merger marks a major milestone in Jordan's banking sector, creating a unified institution with significantly enhanced capital and operational strength. Following the completion of the transaction, Bank al Etihad's capital will increase to JOD 325.2 million, with total equity reaching approximately JOD 1 billion. Combined total assets will rise to nearly JOD 11 billion, positioning Bank al Etihad among the largest national banking institutions. The transaction represents a significant achievement and is aligned with the Central Bank of Jordan's strategy to encourage mergers that create stronger, more resilient financial institutions, particularly given the vital role banks play in supporting the national economy. This step is part of a well-considered strategic vision aimed at reinforcing the bank's local presence and driving regional expansion. The newly formed entity will benefit from greater operational flexibility and wider geographic reach, enabling it to access new market segments and grow its customer base both locally and regionally. It will also be well-positioned to deliver integrated financial services that meet the evolving needs of individuals and businesses. Both banks reaffirm their commitment to retaining employees, recognizing the essential role of human capital in sustaining success and maintaining institutional balance. They are dedicated to fostering a stable work environment that empowers talented professionals to thrive in this new phase. Basem Salfiti will continue to serve as Chairman of the Board, while Fahmi Abu Khadra will assume the role of Vice Chairman (subject to board approval). Muntaser Dawwas will be appointed CEO, pending approval from the Central Bank of Jordan. Her Excellency Nadia Al-Saeed, the current CEO, will continue in her role until the transition to the next phase is complete. The merger will be presented to the general assemblies of both banks in separate extraordinary meetings scheduled for June 25, 2025. This step will initiate the completion of all formal procedures, pending the necessary regulatory approvals from the relevant authorities, notably the Central Bank of Jordan, the Ministry of Industry and Trade / Companies Control Department, and the Jordan Securities Commission.
Jordan News
15-05-2025
- Business
- Jordan News
Bank al Etihad and Invest Bank in Jordan's Largest Strategic Merger Deal - Jordan News
Bank al Etihad and Invest Bank in Jordan's Largest Strategic Merger Deal Bank al Etihad and Investbank have announced that their respective Boards of Directors have approved moving forward with a strategic transaction under which Bank al Etihad will acquire 100% of the issued share capital of Investbank. اضافة اعلان The transaction will be executed through a capital increase by Bank al Etihad, via a private share issuance allocated entirely to Investbank shareholders, in exchange for transferring full ownership of Investbank's shares to Bank al Etihad in preparation for initiating the merger process of Investbank into Bank al Etihad (the merging bank), and in accordance with the legal and regulatory frameworks. This merger marks a significant milestone in the evolution of Jordan's banking sector. The resulting unified institution, Bank al Etihad, will possess enhanced capital and operational capabilities, with capital reaching JOD 325.2 million post-transaction, shareholder equity approaching JOD 1 billion, and combined total assets estimated at nearly JOD 11 billion - reinforcing the bank's position as one of the country's largest national banking institutions. This transaction is also fully aligned with the Central Bank of Jordan's vision to encourage banking consolidation, aiming to create stronger financial institutions capable of navigating economic challenges and serving as key partners in driving national economic growth. The merger represents a well-considered strategic move that seeks to strengthen local presence while enabling broader regional expansion. By creating a more agile, resilient, and geographically diverse banking institution, the merged bank will be better positioned to serve a wider base of retail and business clients, offering comprehensive and integrated financial solutions that meet evolving market needs. Both banks remain fully committed to preserving all current employees, recognizing the critical role of human capital in ensuring operational continuity and organizational balance, and reaffirming their dedication to providing a stable work environment that empowers talent through this next phase. As part of the post-merger leadership structure, Mr. Basem Salfiti will continue to serve as Chairman of the Board of Directors of Bank al Etihad, while Mr. Fahmi Abu Khadra will assume the role of Vice Chairman (subject to Board approval). Mr. Montaser Dawwas will be appointed as Chief Executive Officer of the merged bank, pending approval by the Central Bank of Jordan. Her Excellency Ms. Nadia Al Saeed, the current CEO of Bank al Etihad, will continue in her position until the next steps are taken. The deal is scheduled to be presented to the General Assembly in an extraordinary meeting for each of the two banks separately, which is planned to be held on June 25, 2025, as a step toward completing the formal procedures, after fulfilling the necessary regulatory requirements and obtaining approvals from the relevant official authorities, foremost among them the Central Bank of Jordan, the Ministry of Industry and Trade / Companies Control Department, and the Jordan Securities Commission.
