Monday 16, July 2018 by Kudakwashe

FAB sells NBAD Jordan operations to Société Générale

 

The agreement was approved by the Central Bank of Jordan on 10 July 2018. 

  

First Abu Dhabi Bank (FAB) has signed an agreement with Société Générale de Banque Jordanie (SGBJ), to sell its National Bank of Abu Dhabi (NBAD) Jordan business operations.

In a statement to Abu Dhabi Securities Exchange, FAB said that the agreement includes the transfer of employees and relevant suppliers’ contracts.

FAB reassured its stakeholders that the development will not impact its commitment to any of the bank’s other businesses or locations.

All NBAD Jordan clients, employees and branches will be transferred to SGBJ and the transaction will be completed over the coming months, as both parties work together to ensure a seamless transition for clients and employees, said FAB.

SGBJ operates as a universal bank through a network of 17 branches located across different areas in Amman and other key governorates.

 

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