Standard Chartered pulls out of Jordan

Standard Chartered (2888) plans to sell its Jordanian business to Arab Jordan Investment Bank, the two parties say, as the emerging markets-focused lender presses ahead with plans to exit seven countries in Africa and the Middle East.

The bank entered into an agreement with AJIB, subject to central bank approval, which will see its corporate, commercial and institutional banking, consumer lending and private banking businesses migrate to AJIB.

AJIB said the purchase falls within the Jordanian lender's strategy to increase its market share in the country, which continues to grow after it acquired the banking business of HSBC (0005) in Jordan in 2014 and National Bank of Kuwait's business in Jordan in 2022

Standard CharteredAfrica and Middle East chief executive Sunil Kaushal said the agreement is aligned with the banks 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."