Latest news with #Investbank
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.
Zawya
16-05-2025
- Business
- Zawya
Jordan's Bank al Etihad to buy smaller Investbank, bank officials say
AMMAN - Jordan's Bank al Etihad has acquired smaller peer Investbank in a deal that will create one of the kingdom's biggest lenders, bank officials said on Thursday. The two banks' boards agreed to a stock-for-stock acquisition that will create an entity with a total equity value of over $1.4 billion, Bank al Etihad Chairman Basem Salfiti, told Reuters. "This will allow the bank to continue and accelerate its growth trajectory with the right resources and strong capital base," Salfiti said. The Central Bank of Jordan has long encouraged mergers among a robust and well capitalised banking sector with over $100 billion in assets. Officials say the market is overcrowded with 16 commercial banks. Bank al Etihad, one of Jordan's biggest lenders, provides a range of mainly retail services while Investbank is focused on private banking. The proposed deal will be presented to extraordinary general meetings of both banks scheduled for June 25. It requires final approvals from regulatory authorities, bank officials say. The combined assets would be 11 billion dinars ($16 billion), positioning Bank al Etihad among the largest banks in the country, Salfiti said. The merger would allow Bank al Etihad to expand its operations in the domestic market and regionally where it would be looking for opportunities, he said. (Reporting by Suleiman Al-Khalidi; Editing by Elaine Hardcastle and Emelia Sithole-Matarise)
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.
Gulf Today
02-05-2025
- Business
- Gulf Today
Sharjah Book Authority, Invest bank tie up on children's storybook
As part of its continued efforts to promote cultural awareness among young people, the Sharjah Book Authority (SBA) has signed a partnership with Invest bank to develop a children's storybook focused on financial literacy. The initiative is a collaboration with the Sharjah Publishing Sustainability Fund (Onshur), a key SBA programme that supports sustainable publishing in the UAE. The agreement was signed on the sidelines of the 16th Sharjah Children's Reading Festival by Iman Ben Chaibah, Director of Strategic Initiatives at SBA, and Humaida Al Khalsan, Head of Corporate Affairs and Marketing at Invest bank, in the presence of Ahmed Bin Rakkad Al Ameri, CEO of SBA, and Edris Al Rafi, CEO of Invest bank. Through this partnership, Invest bank will sponsor the production of a storybook for children aged eight and above, introducing key financial concepts in a simple and engaging way. The book will be launched at the upcoming Sharjah International Book Fair, in collaboration with a UAE-based publisher who graduated from the Onshur programme. Commenting on the partnership, Ahmed Bin Rakkad Al Ameri, CEO of SBA, said: 'This partnership reflects the vision of His Highness Sheikh Dr. Sultan Bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, to bolster the role of books in human development and to cultivate content that fosters awareness from an early age. The authority remains committed to developing initiatives that embed books into the fabric of children's daily lives. By providing young readers with the tools to ignite their curiosity, expand their imagination, and deepen their understanding, we shape a future generation that is informed, inspired and imaginative. Through this collaboration, we offer an enriching reading experience that speaks to the realities of children's lives while seamlessly blending fun with meaning, and language with creativity." Ahmed Bin Rakkad Al Ameri added: 'We believe that human development begins in childhood, and that financial literacy is an essential part of that foundation, no less important than reading or general knowledge. This partnership reflects SBA's commitment to realising the vision of His Highness Sheikh Dr. Sultan Bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, to empower future generations through books and knowledge. Our collaboration with Invest bank aims to offer a creative model that combines culture and economic awareness in a format that resonates with both children and the wider community.' On his part, Edris Al Rafi, CEO of Invest bank, said: 'We are proud to partner with SBA on an initiative that introduces children to the fundamentals of financial literacy in an innovative and engaging way. Equipping young people with financial skills from an early age is not a luxury, but a necessity for building a more informed and sustainable society. At Invest bank, we believe that real investment begins with the child, and that combining financial knowledge with creativity and imagination lays the foundation for a generation capable of making smart, responsible financial decisions.' Onshur, established under the directives of Sheikha Bodour Bint Sultan Al Qasimi, is a flagship initiative that reflects Sharjah's commitment to building a knowledge-based economy and supporting the growth of emerging publishers. Launched by SBA in collaboration with the Emirates Publishers Association and the Sharjah Publishing City Free Zone, the fund is designed to strengthen the resilience and sustainability of the publishing sector. It offers three development tracks — Launch, Scale, and Disrupt — tailored to support publishers at different stages of their professional journey.
Gulf Today
21-02-2025
- Business
- Gulf Today
Invest bank expands digital trade finance through strategic deal with Veefin Solutions
Gulf Today, Invest bank on Tuesday announced a strategic partnership with Veefin Solutions to introduce cutting-edge digital trade finance solutions for businesses across the UAE. Through this collaboration, Invest bank will implement advanced Supply Chain Finance (SCF) solutions, designed to optimize cash flow, enhance working capital efficiency, and streamline receivables and payables management via specialized open account finance products. Deploying the SCF system is particularly crucial given the rapid expansion of businesses in the UAE. As of mid-2024, the country is home to 1.021 million registered enterprises, including over 550 fintech companies. Additionally, SMEs are projected to reach one million by 2030, reinforcing the need for seamless, technology-driven financial solutions. Sharjah significantly contributes to the UAE's startup ecosystem, hosting approximately 60,000 small to medium-sized enterprises and startups valued at $424 million across six free zones and 33 industrial zones. Considering formal SMEs account for 40% of national income and generate roughly seven out of every 10 jobs, highlighting their economic significance. Edris Al Rafi, Chief Executive Officer at Invest bank said: 'With our strategic partnership with Veefin, Invest Bank is poised to leverage Supply Chain System to redefine the landscape of open account finance. This collaboration not only strengthens our position in competitive markets but also enhances our risk management framework and elevates client service standards. By integrating cutting-edge financial technology, we are driving a transformative shift in our digital strategy, empowering businesses with seamless financial solutions while reducing dependency on traditional banking infrastructure'. Gautam Udani, Co-Founder and Chief Operating Officer at Veefin Solutions, said: 'We are glad to support Invest Bank in its mission to digitize Supply Chain Finance. Our platform will help replace legacy manual systems with an intuitive, fully automated digital solution, ensuring faster approvals, better transparency, and a superior user experience for businesses seeking financing.' The advanced SCF system streamlines customer and bank operations by enabling end-to-end digital transaction management, from submission to funding and settlement. The system enhances operational efficiency, scalability, and automation, empowering users with greater control and flexibility. It also supports seamless customer onboarding, underwriting, transaction processing, and collections, forming a robust technological framework that aligns with Invest Bank's strategic vision to position itself as a cloud-based financial leader. The new Supply Chain Finance (SCF) system enhances financial management by enabling businesses to optimize cash flow with greater flexibility. Clients can choose between early payment discounts or extended payment terms, ensuring liquidity remains aligned with their operational needs. Additionally, the system enhances risk management by providing greater visibility and real-time control over the financial health of suppliers and buyers, enabling smarter, data-driven decision-making. By reducing the time gap between payables and receivables, the SCF solution further improves working capital efficiency, ensuring smoother operational liquidity and sustainable business growth. Invest bank's partnership with Veefin Solutions represents a strategic milestone in digital transformation, reinforcing customer-centric innovation through cutting-edge banking solutions. This collaboration accelerates the bank's transition to a more integrated and seamless customer experience, enhancing service speed, reliability, and operational efficiency. Additionally, the partnership strengthens Invest Bank's role in driving Sharjah's economic growth and fostering community engagement. Founded in 1975, Invest bank PSC is a prominent public shareholding company based in Sharjah, UAE. Boasting over four decades of substantial presence, the bank has cemented its reputation as a trusted provider within the UAE's competitive banking sector, dedicated to delivering top-tier financial services. In 2019, the Government of Sharjah became a strategic stakeholder, underscoring the bank's standing through significant investment and ownership. The Government's share, initially at 81%, has been adjusted to 70.11% following the most recent acquisition by the Sharjah Social Security Fund (SSSF). This strategic partnership aligns with the bank's recent capital increase, where it realized an influx of paid-in share capital amounting to 3,202,493 in Q2 2024. Invest Bank continues to publicly trade its shares on the Abu Dhabi Securities Exchange (ADX) and continues to be a trusted bank of choice for corporate and retail clients.
