Business | Banking
Abraaj buys 10% stake in Jordan National Bank
Abraaj Capital yesterday announced it has acquired a 10 per cent stake in Jordan National Bank (JNB), a leading fin-ancial institution listed on the Amman Stock Exchange that offers retail and corporate banking services.
- Gulf News Staff Report
- Published: 00:00 September 14, 2006
Dubai: Abraaj Capital yesterday announced it has acquired a 10 per cent stake in Jordan National Bank (JNB), a leading fin-ancial institution listed on the Amman Stock Exchange that offers retail and corporate banking services.
The deal was made through Abraaj Capital's Abraaj Special Opportunities Fund II.
The Jordanian Exchange Commission has also approved the capital increase of eight million shares, giving Abraaj a total holding of 11.8 million shares, equivalent to 10.7 per cent shareholding.
Shirish Saraf, Abraaj Capital's managing director, is happy with the development, saying it will enhance their company's exposure in the financial services sector.
Growth potential
"We are glad to receive Jordanian Exchange Commission's approval. We believe that this deal further enhances Abraaj Capital's exposure in the buoyant regional financial services sector. JNB stake falls in line with ASOF II's strategic focus on 'strong minority' block positions in well established listed companies with attractive growth potential," said Saraf.
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