Jordan licenses National Bank of Abu Dhabi
AMMAN Aug 4 (Reuters ) - The Central Bank of Jordan (CBJ) has granted a foreign bank licence to the National Bank of Abu Dhabi NBAD.AD to undertake commercial banking services in the country, officials said on Tuesday.
The UAE's biggest bank by market value was granted approval by the CBJ board to set up a subsidiary with a minimum capital of 50 million dinar ($71 mln) as stipulated by the country's banking regulations, a central bank source told Reuters.
The bank will become the ninth foreign bank licensed to operate in an overcrowded banking sector where 15 local banks already exist.
Liberalised laws allow foreign banks to engage in the same retail and wholesale banking services as Jordanian banks.
Among the foreign banks that already operate in Jordan are HSBC (HSBA.L) (0005.HK), Standard Chartered (STAN.L), Citigroup (C.N), Iraq's Rafidain Bank, the National Bank of Kuwait NBKK.W, and Lebanon's Bank Audi (AUSR.BY) and Blom.
Arab investors already hold sizeable stakes in several leading local banks, including Arab Bank ARBK.AM and Housing Bank THBK.AM, the two largest lenders.
The last foreign entrant in Jordan was Dubai Islamic Bank DISB.DU, which started operations last month after buying a majority stake in Industrial Development Bank of Jordan INDV.AM.
(Reporting by Suleiman al-Khalidi; Editing by Greg Mahlich)
((Reuters Messaging; email@example.com; Amman Newsroom +9626 4623776))
Keywords: ABUDHABI JORDAN/BANK =3
(C) Reuters 2009. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nL4000539
- Tweet this
- Share this
- Digg this
- REFILE-UPDATE 1-Republicans attack slow pace of Obamacare enrollments
- Supreme Court turns the clock back with gay sex ban
- UPDATE 2-Pilots of Asiana crash knew speed was low -documents
- China bitcoin arbitrage ends as traders work around capital controls
- Uruguay's move to legalise marijuana breaks international treaty-INCB