Standard Chartered Bank has signed an agreement to sell its business in Jordan to Arab Jordan Investment Bank (AJIB) for an undisclosed sum.

As part of the move, Standard Chartered will transfer its Corporate, Commercial & Institutional Banking (CCIB) as well as Consumer, Private & Business Banking (CPBB) operations to AJIB.

The bank’s Jordan-based employees and customers will transition to AJIB.

The move is part of Standard Chartered’s plan to consolidate its business as well as explore higher growth sectors in Africa and the Middle East.

The deal, which has obtained greenlight from the Central Bank of Jordan, complements AJIB’s plan to boost its share in Jordan’s banking sector.

In 2014, AJIB bought HSBC’s banking business in Jordan and in 2022 it acquired National Bank of Kuwait’s Jordan-based banking business.

Standard Chartered Bank regional CEO in Africa & the Middle East Sunil Kaushal said: “Our agreement with AJIB will allow us to accelerate our strategy and leverage on their track record of previous acquisitions to meet the financial needs of our clients.

“We will work closely with AJIB to service the needs of our global clients in Jordan.

“While we will be selling our local business, we will continue to facilitate and be a bridge for international capital flows into Jordan.”

The latest deal follows a media report that Standard Chartered is looking to grow its headcount in Hong Kong by up to 500 people this year, to tap the loan and wealth management market in the region.