Arab bank closes branch in NY: Work in America does not cope with our strategy
Jordan-USA, Business, 2/9/2005

The Jordanian Central Bank announced yesterday that branch of the "Arab Bank" in New York will be closed gradually because work at the meantime in the USA does not cope with the Bank's strategy and future vision.

Statement of the Central Bank said that the closure decision came after a meeting held by the Arab Bank's board since three days. The statement added that "the establishment's vision and strategy for the medium and long run was drawn to concentrate on ( financial) operations in the Arab region and Europe."

The statement stressed that "work in the USA at the meantime is not in line with the Bank's strategy and vision.." It continued "there are serious talks" held "with observers in Washington and New York to close the branch," stressing that the impact of this measure on the Arab Bank is small because the assets in New York branch do not exceed 3% of the Bank's overall assets.

The ruler of the Central Bank of Jordan, Umayyah Toukan, announced he was notified of the closure decision, noting that this will be made in a "very transparent and regular way with observers in the USA," but did not indicate when the closure will be made.

The bank is owned by the Palestinian Shouman family and stakeholders including "Saudi OJ" company chairman, the former Lebanese prime minister Rafiq al-Hariri who owns 15% of the shares while the Retirement Fund in Jordan has a similar 15% share.

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