Bank of Jordan Inaugurates its First Branch in Iraq

Press release
Published November 1st, 2022 - 08:38 GMT
Bank of Jordan Inaugurates its First Branch in Iraq
Mr. Shaker Fakhouri, Chairman of the Board – Bank of Jordan
The Bank of Jordan announced the launching of its operations in Iraq

The Bank of Jordan announced the launching of its operations in Iraq, with the inauguration of its first branch in Baghdad; having obtained all the required licenses from both the Central Bank of Jordan and the Central Bank of Iraq, together with fulfilling the requisites and completing the procedures pertaining to initiating business operations in the Iraqi market.

Mr. Shaker Fakhouri, Chairman of the Board – Bank of Jordan stated that, “Our decision to establish a branch in Iraq serves to boost our regional presence and exemplifies the strategy adopted by the Bank; namely expanding its business operations in the region, where markets are witnessing substantial growth and promising opportunities. This is expected to reflect positively on the services offered to both our current and prospective clients. Furthermore, we strive to develop our banking scheme in a manner that reflects the Royal visions of boosting investments and achieving economic coordination and collaboration between the two states; thus consolidating our robust economic and historical relations with Iraq.”

Mr. Fakhouri added: “Today, we launch our operations from Iraq as a testament to the longstanding and robust journey of the Bank of Jordan, which extends back to more than 60 years in the banking and financial industry. This also reflects our success in implementing the Bank of Jordan vision, which aspires to become a leading institution in the Arab region, while expanding the network of Bank of Jordan branches to include the Iraqi market – considered one of the most prominent markets in the region.” Mr. Fakhouri also stated that the Bank is currently finalizing the preparations for establishing its first branch in Riyadh, KSA, having recently acquired the license permitting it to partake in banking activities within the Kingdom. He reiterated the Bank’s continuous efforts towards regional expansion into countries where markets are witnessing growth and development on both the economic and investment fronts.

On this occasion, Mr. Fakhouri expressed his thanks and gratitude to the Central Bank of Jordan for the continuous trust and support extended to Bank of Jordan in implementing its external expansion plans. He also commended the Central Bank of Iraq for facilitating the inauguration of Bank of Jordan branch in the capital Baghdad. 

Mr. Fakhouri indicated that this step is a testament to Bank of Jordan commitment to designing its network of branches in a manner that is conducive to achieving the Bank’s vision and strategic direction; while serving its large clientele base, through conventional means as well as via offering digital and online services. He announced that Mr. Jawdat Mahmoud Jawdat had been appointed as a Chief Executive Officer of Bank of Jordan – Iraq, owing to his extensive banking experience and expertise, which spans more than twenty-seven years. Mr. Jawdat has also occupied several important positions throughout his career at various national, regional and international banking institutions.

Bank of Jordan presence in Iraq will allow it to expand the scope of offerings to corporate clients in both Jordan and Iraq. Moreover, the new branch boasts a distinctive design that is consistent with the innovative concept of a banking business environment, while being aligned with progressive standards of client privacy and confidentiality, featuring interactive channels and streamlined procedures.

The Bank of Jordan operates in accordance with an approach that is underpinned by the continuous development and enhancement of all activities and lines of business. This is while keeping up with the rapid developments witnessed by the banking industry, as per best global practices. Bank of Jordan strives for excellence in both its local and regional operations without overlooking its social role and corporate responsibility. It is supported by a team of qualified and trained personnel, who further endorse the Bank’s vision and strategy and build on its cumulative achievements, year after year. 

Worth noting is that the Bank of Jordan is one of the first banks to be established in Jordan, with its inception extending back to 1960. Bank of Jordan commands a large presence, currently extending throughout the Middle East region, through its branches, subsidiaries, digital and online channels. The Bank of Jordan Group consists of the Bank of Jordan – Jordan and Palestine branches and Wholesale Bahrain branch – together with its subsidiaries: Bank of Jordan – Syria, Excel for Financial Investments Company, Jordan Leasing Company; and today, Bank of Jordan – Iraq.

Background Information

Bank of Jordan

Bank of Jordan is a pioneering bank that was established in Jordan in 1960. Since the bank has adopted the sustainable development and improvement approach for all its financial and banking activities and aspects. The bank escorted the accelerating developments witnessed by the Banking Industry over more than five decades both nationally and internationally. Since it was established, the bank participated in enhancing the investment movement, and the economic development in Jordan through offering comprehensive banking products and services that fulfill the clients' needs and requirements of all categories including individuals, corporate and institutions. It also effectively participated in the national development projects and in the private sector projects.

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