Khaberni - Union Bank announced in disclosures issued by the Amman Stock Exchange, viewed by website "Khaberni", about the signing of a final agreement for the acquisition of branches and business of the Arab Egyptian Real Estate Bank – Jordan, as part of a strategy aimed at achieving balanced and sustainable growth, and enhancing its position in the Jordanian banking market in terms of asset size and geographical spread of services, according to the disclosure.
This acquisition, according to Khaberni, aims to expand the customer base, enhance the banking business portfolio, integrate resources, and develop the banking products and services offered, especially for individuals, small and medium enterprises. It is also expected to contribute to an increase in the size of Union Bank's assets, in addition to expanding its branch network and electronic services.
This acquisition is part of a final merger plan between Union Bank and the Investment Bank, expected to result in a unified banking entity with total assets exceeding 12 billion Jordanian dinars.
Union Bank's management expressed their gratitude to the official and regulatory bodies, led by the Central Bank of Jordan and the governor of the bank, Dr. Adel Sharkas, for their support and cooperation, confirming the completion of the necessary regulatory procedures to finalize the acquisition process.
