Dubai: First Abu Dhabi Bank (FAB) said on Thursday it had signed a deal to sell its operations in Jordan to Societe Generale de Banque — Jordanie (SGBJ).
The deal will see FAB sell its National Bank of Abu Dhabi operations in Jordan, and will include the transfer of employees and relevant contracts, FAB said in a statement. The value of the deal was not disclosed.
“This sale reflects FAB Group’s strategic vision for the upcoming period and does not impact its commitment to any of the bank’s other businesses or locations,” the statement said.
FAB is the name of the entity created from the merger of the National Bank of Abu Dhabi and First Gulf Bank, with NBAD having had presence in various countries before it merged.
The bank said the deal will allow Societe Generale to accelerate its growth strategy and enhance its position in the Jordanian market. The agreement to sell the bank’s operations followed a process to find a buyer, and was approved by the Central Bank of Jordan on July 10.
FAB said that all NBAD’s clients, employees, and branches in Jordan will be transferred to SGBJ, with the transaction set for completion over the coming months. Until the sale is complete, NBAD Jordan will remain open for business.
