First Abu Dhabi Bank sells Jordan unit to Societe Generale

Reported by: |Updated: July 16, 2018

First Abu Dhabi Bank has signed an agreement with French bank Societe Generale’s Jordan unit, to sell its interests in the kingdom. The deal will cover the transfer of NBAD Jordan’s employees and relevant suppliers’ contracts to Societe Generale de Banque Jordanie. No financial details of the deal have been announced. The unit sale will have no impact on commitments to FAB’s other businesses or locations. The deal will see the transfer of all existing NBAD clients, employees and branches to SGBJ. NBAD’s operating assets would help the Jordanian subsidiary of French lender to accelerate its growth strategy in the country by enhancing and consolidating its position in the market, following strong growth over the last five years, SGBJ said. It currently has 17 branch networks across the capital Amman, as well as outlets in other Jordanian governorates, offering banking, retail, corporate, SME, private banking, brokerage and leasing services.