In a disclosure document sent to the Jordan Securities Commission that was published on the Amman Stock Exchange’s website, Capital Bank stated that it had obtained initial approval for the acquisition from the central banks of both Jordan and Iraq. According to the disclosure, Capital Bank will begin its due diligence proceedings into all aspects related to the transaction, adding that it will keep the Jordan Securities Commission updated on its findings.

Capital Bank Chief Executive Officer Dawod Al Ghoul stated that the bank will save no efforts to enhance the benefits for its shareholders, through continuously seeking opportunities that would strengthen its leading position in both the Jordanian and Iraqi markets. Al Ghoul went on to add, “The acquisition of Bank Audi’s branches in Jordan and Iraq brings us one step closer to achieving our objectives, and will reflect positively on our shareholders.”

Since its founding in 1995, Capital Bank has provided an integrated package of solutions, as well as investment and commercial banking services for both corporate and individual clients. The bank, which has equity in excess of JD357 million, provides a variety of banking solutions developed with its clients in mind, including personal and commercial facilities and loans and credit cards, all with flexible terms and at competitive rates.

Capital Bank also services the Iraqi market through its investment of $210 million, or 61.85% ownership, in the National Bank of Iraq, which has allowed it to secure administrative rights, making it the only Jordanian bank that serves both the Jordanian and the Iraqi markets simultaneously.