Agreement for the acquisition of Arab Jordan Investment Bank’s business by AstroBank

Arab Jordan Investment Bank (AJIB) and AstroBank Public Company Ltd announced that they have reached an agreement for the purchase by AstroBank of the branch banking operations in Cyprus of AJIB. 

According to a statement, AJIB and AstroBank are committed to working closely together during the transition period in order to provide a smooth and coordinated transition process. 

AstroBank will also retain the staff supporting the business of AJIB. Applications to the relevant authorities in Cyprus have been submitted and the transaction has received clearance from the Competition Authority. 

The Central Bank of Jordan has also already approved the sale, with the whole transaction expected to complete in the first half of 2020. Furthermore, AJIB will continue its relationship with Cyprus through acquiring a shareholding in AstroBank.

AJIB customers in Cyprus will have the benefit of accessing Astro Bank’s full range of services and products. They will also receive directly correspondence describing the transaction and their rights thereof.

In a joint statement, Mr. Hani Al Qadi, Chairman of AJIB and Mr. Constantinos Loizides, Managing Director of AstroBank, expressed first their total support to their colleagues and clients in the very challenging times faced currently by all. They also strongly stated their confidence in the economy of Cyprus and in particular in the banking system, as reflected by their decision to join the two operations. “it is very important”, they said, “in the midst of all active measures to protect the health of our colleagues, family and friends, to also focus on the day after the pandemic, and to initiate actions and moves that would help bring support and confidence to the market”.