Jordan’s Arab Bank has signed an agreement to acquire Atlas Investment Group. The acquisition is expected to generate notable incremental earnings from the cross-selling opportunities that will be created.
This strategic transaction will further bolster the Arab Bank’s suite of services by substantially enhancing its investment banking activities.
Over the past 18 months, Arab Bank has instituted a range of organizational modifications as a result of its revised strategic direction conceived in 2001. This new organizational structure created separate and specialized strategic business units including corporate and institutional banking, retail banking, private banking, global treasury, and investment banking.
The Arab Bank Group, with total assets of $22.8 billion in 2002, has presence in every Arab country and a global network of more than 400 branches and offices on five continents.
Atlas Investment Group is a Jordanian Investment Banking firm active in the development of local and regional capital markets. Atlas offers its clients corporate finance, asset management, brokerage and research services. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
