(Amman - June 2022) Bank of Jordan has announced that it has granted all the necessary licenses from the Central Bank of Jordan and the Central Bank of Saudi Arabia, allowing it to participate banking activities in the Kingdom of Saudi Arabia.
The announcement came after the decision of the Saudi Cabinet approving the license of Bank of Jordan. This step comes in the implementation of the bank's strategy toward strengthening its regional footprint and diversifying the markets in which it operates.
On this occasion, Shaker Fakhouri, Chairman of the Board of Bank of Jordan, stated that the bank aimed to branching out in Saudi Arabia as it represents promising opportunities on both investment and economic levels, with a state-level advanced technical infrastructure accompanied by significant progress in FinTech services. He also pointing to the developments in the Saudi economy that stimulate greater participation from local and foreign private sectors, based on Vision 2030.
Fakhouri noted that obtaining the approval during a record time, reflects the strong financial position, legacy, and experience of bank of Jordan in the banking industry, emphasizing its strategic vision to achieve an advanced position in the Arab region with the highest standards of efficiency, while providing integrated banking services and solutions to individuals, corporations, and SMEs.
He also values the Jordanian relations with the Kingdom of Saudi Arabia, describing them as strong historical relations that have brought the two countries together for many years with many common interests at all levels, most notably in enhancing trade, investment, and capital flows, especially since Saudi Arabia is a strategic partner and one of the largest investing countries in Jordan.
Fakhouri pointed out that Bank of Jordan is witnessing growth and development on all levels due to its ambitious plans and strategy to expand its business in the regional market. Bank of Jordan is preparing to open its first branch in Baghdad, Iraq during the third quarter of this year, so the year 2022 will be an important milestone in Bank’s journey and aligned with its strategic plan that aims to enhance its regional footprint and benefit from promising opportunities in the financial and banking markets that are witnessing significant growth.
In conclusion, Fakhouri extended his thanks and appreciation to the Central Bank of Jordan for their trust and permanent support of Bank of Jordan, especially in plans for branching and external expansion. He also thanked the Central Bank of Saudi Arabia for their confidence in Bank of Jordan and their cooperation in implementing the best legislative practices in supporting the opening of foreign bank branches.
It is worth noting that the Bank of Jordan works in accordance with a developmental approach that supports continuous improvement in all activities and fields of work. It is also keen to keep pace with the rapid developments witnessed by the banking industry at the local and international levels and to excel locally and regionally without neglecting its role and social corporate responsibility. The bank's assets amounted to 2.7 billion dinars, and its shareholders' equity amounted to 466 million dinars at the end of May 2022.
Bank of Jordan is one of the first bank established in Jordan, with roots dating back to 1960. Bank of Jordan Group currently consists of Bank of Jordan – Jordan and Palestine branches, Conventional Wholesale Bahrain Branch, Bank of Jordan – Syria, Excel for Financial Investments Company, and Jordan Leasing Company.