Islamic Finance

Jordan’s Capital Bank acquires Lebanon’s Bank Audi units in Iraq, Jordan

Published 29 Dec,2020 via Daily News Egypt - Amman-based Capital Bank Group signed on Tuesday agreements to acquire Lebanese lender Bank Audi’s businesses in Iraq and Jordan.

The agreements include the acquisition by the National Bank of Iraq, a subsidiary of Capital Bank Group, of the operations of Bank Audi’s Iraq Branch Network, including the purchase of the assets and liabilities of these branches, the bank said in a statement.

By the end of September 2020, Bank Audi’s assets in Jordan stood at 506 million Jordanian dinars ($713.7m), while those of its Iraq branches reached 275 billion Iraqi dinars ($188.32m).

Accordingly, these acquisitions will increase Capital Bank’s consolidated assets to 3.6 billion Jordanian dinars, the bank group said in the statement.

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