Acquisition Deal Completed: Union Bank Acquires Egyptian Arab Land Bank - Jordan

SadaNews - Union Bank announced, in disclosures issued by the Amman Stock Exchange, that it has signed a final agreement to acquire the branches and operations of the Egyptian Arab Land Bank - Jordan, as part of a strategy aimed at achieving balanced and sustainable growth, and enhancing its position in the Jordanian banking market in terms of asset size and geographical service distribution, according to the disclosure.

This acquisition aims, according to Khaberni, to expand the customer base, enhance the portfolio of banking services, integrate resources, and develop banking products and services offered, especially for individuals and small to medium-sized enterprises. It is also expected to contribute to increasing the total assets of Union Bank, alongside expanding its branch network and electronic services.

This acquisition comes as part of a finalized merger plan between Union Bank and the Investment Bank, which is expected to result in a unified banking entity that exceeds a total asset threshold of 12 billion Jordanian dinars.

Union Bank's management expressed gratitude to the official and regulatory authorities, foremost among them the Central Bank of Jordan and the bank's governor, Dr. Adel Shirkas, for their support and cooperation, confirming the completion of the necessary regulatory procedures to finalize the acquisition process.