A Switzerland-based bank has launched a campaign to attract deposits of individuals and commercial banks in Jordan to an international portfolio which was established for this purpose, a spokesman of the bank said.
Naseeb Khamash, a representative of the Union Bancaire Privee in Jordan, said their endeavor in Jordan followed the success of their Dubai-based office.
Khamash said that the bank was encouraged by the Central Bank of Jordan's (CBJ) newly issued instructions to the commercial banks, which includes a decrease of the compulsory reserves the banks have to deposit with the CBJ.
"The decision will pave the way for these banks to invest the deposits of their clients in a very fruitful way," Khamash told the Jordan Times.
"We consider the Jordanian market as one of the promising markets in the region," he added.
Kamash said that the bank was targeting commercial banks and individuals in the first stage.
He declined to name the financial institutions his bank has contacted in Jordan nor the amount of capitals they have succeeded in obtaining from individuals and commercial banks.
Khamash said that the Dinvest portfolio, established by his bank, includes 20 percent for stocks, 30 percent for deposits, 25 percent for bonds while the remaining 25 is for other options.
The Bancaire Privee resulted from the merger of Comagnie de Banque et d'Investissments and TDB-American Express Bank.
The bank focuses exclusively on the asset management for pension funds, corporate treasury departments and institutional funds.
The bank is offering original and high-quality asset management services to institutional investors.
The bank also extends private asset management to individuals, families and financial institutions worldwide.
In 1998, a representative office was opened in the United Arab Emirates to establish a base in the Arabian Peninsula and links with clients in India, Pakistan and Iran. ― ( Jordan Times )
By Tareq Ayyoub
© 2000 Mena Report (www.menareport.com )