Jordan’s Export & Finance Bank acquires 49% stake in National Bank of Iraq
Jordan’s Export & Finance Bank (EFB) has acquired 49 percent of the National Bank of Iraq's paid up capital. The Central Bank of Iraq and the Central Bank of Jordan have approved the transaction, which amounted to $8.5 million.
Established in 1995, the National Bank of Iraq has four branches and 135 employees. The agreement will result in the restructuring of the board of directors to reflect the change in ownership, stated a press release. EFB will have management control over the National Bank of Iraq and will make available to its new subsidiary the technical and technological support needed in addition to providing training for employees.
EFB was established in 1996 with an authorized capital of 20 million Jordanian dinars ($25.6 million) which was increased in 1999 to JD 22 million. Among the main shareholders of the Bank are the Hikma Group, Nuqul Group, Social Security Corporation and other major exporting companies including Jordan Phosphate. — (menareport.com)
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