The Egyptian Arab Real Estate Bank / Jordan Branches (a company registered according to the laws of the Arab Republic of Egypt and registered in the Hashemite Kingdom of Jordan as a foreign operating company holding a license from the Central Bank of Jordan to conduct its banking business through thirteen branches and an office in the Kingdom) announced the signing of an agreement to sell its banking business in the Kingdom to the Union Bank (a public shareholding company registered under Jordanian laws).
The completion of the deal is subject to certain conditions and is expected to be completed soon to execute the sale process. After fulfilling these conditions and obtaining the necessary approvals from the relevant regulatory authorities, and in accordance with the provisions of the Jordanian Banking Law, the rights and obligations of the bank’s branches in Jordan – including customer deposits, facilities, and other contractual obligations – will legally transfer to Union Bank.
The Egyptian Arab Real Estate Bank also assures that all accounts, deposits, facilities, and banking services provided will continue without any change or disruption during the transitional stages, in full coordination with Union Bank and the relevant regulatory authorities, led by the Central Bank of Jordan.
Any updates regarding the completion of the deal will be announced in due course.
