Standard Chartered Agrees to Sell Business in Jordan

A branch of Standard Chartered Bank in London. (Reuters)
A branch of Standard Chartered Bank in London. (Reuters)
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Standard Chartered Agrees to Sell Business in Jordan

A branch of Standard Chartered Bank in London. (Reuters)
A branch of Standard Chartered Bank in London. (Reuters)

Standard Chartered plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), the two parties said on Sunday, as Standard Chartered presses ahead with plans to exit seven markets in Africa and the Middle East.

The bank entered into an agreement with AJIB, subject to central bank approval, which will see Standard Chartered's corporate, commercial, and institutional banking, consumer lending, and private banking businesses migrated to AJIB.

Standard Chartered is a British bank operating in more than 50 countries and headquartered in London.

All Standard Chartered Bank employees in Jordan will be transferred to AJIB, it said in a statement.

Standard Chartered's Africa and Middle East CEO Sunil Kaushal said the agreement is aligned with the bank's global strategy "to deliver efficiencies, reduce complexity, as well as redirect resources within the Africa Middle East region to areas with the greatest potential to drive scale, grow and better support clients."

AJIB said the purchase falls within the Jordanian lender's strategy to grow its market share in the country, which continues to grow after it acquired HSBC's banking business in Jordan in 2014 and the National Bank of Kuwait's banking business in Jordan in 2022.

Standard Chartered in April 2022 said it plans to leave seven markets: Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone, and Zimbabwe.

The bank said at the time it was seeking to exit markets where it is sub-scale and narrow its focus to faster-growing markets in the region, such as Saudi Arabia and Egypt.

Meanwhile, the Amman Stock Exchange bourse closed Sunday’s session at 2577.59 points, a drop of 0.14 percent. Total traded shares reached 3.3 million worth 4.4 million Jordanian dinars due to completing 2,119 deals.



President Lula Urges Recognition of Brazil, Saudi Arabia’s Growing Economic Influence

Brazil’s President Luiz Inácio Lula da Silva at the FII Priority Summit in Rio de Janeiro (FII Institute)
Brazil’s President Luiz Inácio Lula da Silva at the FII Priority Summit in Rio de Janeiro (FII Institute)
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President Lula Urges Recognition of Brazil, Saudi Arabia’s Growing Economic Influence

Brazil’s President Luiz Inácio Lula da Silva at the FII Priority Summit in Rio de Janeiro (FII Institute)
Brazil’s President Luiz Inácio Lula da Silva at the FII Priority Summit in Rio de Janeiro (FII Institute)

Brazil’s President Luiz Inácio Lula da Silva has stressed the importance of including emerging nations in global economic discourse, highlighting the rising influence of countries like Saudi Arabia and Brazil.
In his opening remarks at the FII Priority Summit in Rio de Janeiro on Wednesday, President Lula highlighted that Brazil’s first-ever hosting of the Saudi Future Investment Initiative (FII) signifies the growing influence of emerging economies in the global economic talks, moving beyond established powerhouses.
Defying negative predictions, Brazil’s GDP grew by 2.5% over the past year, and the country is on course to become the world's eighth-largest economy by the end of my term, said Lula.
He also highlighted that in 2023, Brazil achieved a historic trade surplus, with exports from January to April reaching a record $108 billion, largely driven by the manufacturing sector.
Lula saw great potential in partnering with Saudi Arabia for mutual gains.
The Brazilian leader said his country is looking forward to creating a bilateral investment fund to explore unique opportunities and strengthen its partnership with the Kingdom.
On his part, Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund, shared the fund’s interest in investing in Brazil, particularly in technology, renewable energy, and mining.
The PIF governor also hoped for an opportunity to invest in the Brazilian football landscape.
Al-Rumayyan emphasized the PIF’s focus on entertainment and sports, noting that 70% of Saudi Arabia’s population is under 35.
He mentioned PIF’s significant initiatives in various sports, including football, and called Brazil an ideal place for such investments.
Al-Rumayyan explained that while 80% of PIF’s assets are invested in Saudi Arabia, the remaining 20%, about $200 billion, is invested internationally. The total assets under management are around $1 trillion, with a target to reach $2 to $3 trillion by 2030.
He stressed that most investments are within Saudi Arabia to create jobs, boost GDP, and localize production of imported goods.
The three-day FII Priority Summit, happening for the first time in Latin America, powered by FII Institute, gathers global officials and business leaders from various sectors. The event debates issues under the theme “Invest in Dignity.”
The summit gathers global leaders, government officials, investors, CEOs, and entrepreneurs. It is part of the FII Institute, known as “Davos in the Desert,” based in Riyadh.
The FII Institute hosts annual global conferences and initiatives to tackle major world challenges, focusing on environmental, social, and governance issues. The Saudi PIF manages the institute.