Standard Chartered enters agreement to sell business in Jordan

DUBAI (Reuters): Standard Chartered said on Sunday it plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), as the emerging markets-focused lender presses ahead with plans to exit seven markets in Africa and the Middle East.

The bank entered into an agreement with AJIB, subject to central bank approval, which will see Standard Chartered’s corporate, commercial and institutional banking, consumer lending and private banking businesses migrated to AJIB.

All Standard Chartered Bank employees in Jordan will be transferred to AJIB, it said an emailed statement.