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Jordan’s Capital Bank Agrees to Buy Assets From Lebanon’s Bank Audi

The logo of Bank Audi is seen at the main entrance of the Bank's head office in Beirut, Lebanon January 24, 2017. (Reuters)
The logo of Bank Audi is seen at the main entrance of the Bank's head office in Beirut, Lebanon January 24, 2017. (Reuters)
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Jordan’s Capital Bank Agrees to Buy Assets From Lebanon’s Bank Audi

The logo of Bank Audi is seen at the main entrance of the Bank's head office in Beirut, Lebanon January 24, 2017. (Reuters)
The logo of Bank Audi is seen at the main entrance of the Bank's head office in Beirut, Lebanon January 24, 2017. (Reuters)

Jordan’s Capital Bank Group finalized a deal on Tuesday to acquire top Lebanese lender Bank Audi’s businesses in Iraq and Jordan in move to diversify and expand its operations, the bank’s chairman said.

Both parties agreed not to disclose the value of the deal, which has secured the necessary approvals from Jordan’s Central Bank and the Central Bank of Iraq, Capital Bank Group Chairman Bassem Al-Salem told Reuters.

“This agreement responds to Capital Bank’s plans to enhance its competitive position and expand its regional and local expansion in Jordan and Iraq,” Al-Salem said.

It will increase Amman-based Capital Bank Group’s assets by about a third to around 3.7 billion Jordanian dinars ($5.23 billion).

Shareholders equity will exceed 400 million dinars.

Bank Audi expanded in Jordan and Iraq as part of an aggressive regional push before a major financial crisis hit Lebanon and paralysed its banks, forcing some of them to try to divest assets.

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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)

State Street Global Advisors, a subsidiary of State Street Corporation, announced that Saudi Arabia’s Public Investment Fund (PIF) has invested SAR 750 million ($200 million) in the newly launched SPDR J.P. Morgan Saudi Aggregate Bond ETF.

According to a statement released by the company on Wednesday, this fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). It is listed in both the London Stock Exchange and Germany’s Xetra, offering investors the opportunity to track government and quasi-government bonds denominated in either the Saudi Riyal or the US Dollar, including sukuk (Islamic bonds).

This investment aligns with the objectives of Saudi Vision 2030, representing a significant step toward enhancing the international presence of Saudi Arabia’s financial markets and attracting foreign investments. The fund is available to investors across several European countries, including Austria, Denmark, France, Germany, and Italy.

Commenting on the investment, Yazid Al-Humaid, Deputy Governor and Head of MENA Investments at PIF, said: “The fund continues to create opportunities and enable access to diverse capital markets in the Kingdom. Investing in the first internationally listed Saudi fixed-income ETF underscores PIF’s commitment to deepening Saudi capital markets, attracting investors, and fostering partnerships across global financial centers.”

CEO of State Street Global Advisors Yi-Hsin Hung emphasized that the launch of the fund is a significant milestone in providing innovative opportunities for investors while contributing to Saudi Arabia’s economic growth.