Jordan Housing Bank opens branch in Bahrain
The Bahrain branch of Jordan’s Housing Bank for Trade & Finance (HBTF) was inaugurated this week at the bank's premises in the Manama Center. The Bahrain Monetary Agency (BMA) granted a license to HBTF, Jordan's largest retail bank, to establish a full commercial bank branch in Bahrain.
Bahrain's financial sector currently comprises 340 banks, insurance companies and other financial institutions, representing a blend of local, regional and international names.
HBTF was founded in 1973, to provide financing for housing requirements. In 1997, it was converted to a full commercial bank. It is the largest Jordanian bank in terms of capital, with a capital of $141 million and shareholders equity, which totals $374 million, while total assets stand at $1.41 billion.
HBTF has 100 branches in Jordan and four in Palestine, with representative offices in Abu Dhabi, United Arab Emirates (UAE) and Tripoli, Libya. The bank is currently in the process of establishing commercial banking operations in Algeria and Syria.
HBTF's principal shareholders are Kuwait Real Estate Investment Group (which has a shareholding of 18.8 percent), Social Security Corporation, Jordan (15.6 percent), Libyan Arab Foreign Bank (15.2 percent), Shaikh Khalid Salim bin Mahfouz Group (11.3 percent), Government of Qatar (10.3 percent), Government of Oman (five percent), Capital Investment Holding Company, Bahrain (five percent) and Iran Foreign Investment Company (3.6 percent). The remaining 15.2 percent is held by various Jordanian and Arab individual and corporate investors.
The bank's Bahrain branch will be known as The Housing Bank for Trade & Finance – Bahrain. The Bahrain branch will undertake banking, financial and investment business. — (menareport.com)
© 2003 Mena Report (www.menareport.com)