Latest news with #FahmiAbuKhadra
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.
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.
