Jordan’s Union Bank has signed a final agreement to acquire the branches and operations of the Arab Egyptian Bank – Jordan, with the aim of strengthening its position in the Jordanian banking market in terms of asset size, range of services, and geographic presence.
In a statement published on the Amman Stock Exchange on Sunday, the bank said the acquisition aims to expand its customer base, strengthen its banking business portfolio, and integrate additional resources and expertise.
The bank also expects the acquisition to contribute to increasing its asset size and market share, in addition to enhancing its branch network and digital services in line with the rapid digital transformation in the banking sector.
The bank noted that this step comes as a continuation of the previous merger between Union Bank and the Investment Bank, which raised the total assets of the merged bank to around 12 billion dinars and pushed shareholders’ equity beyond the one-billion-dinar mark. The statement added that the necessary regulatory procedures will be completed in preparation for the final completion of the acquisition.
Union Bank’s Financial Performance
Union Bank’s consolidated profits recorded a 47% increase during the first nine months of the current year, reaching 57.4 million dinars (approximately $81 million), compared to 39 million dinars (around $55 million) during the same period last year. Third-quarter profits also rose to 28 million dinars, compared to 13.3 million dinars a year earlier.
Net interest and return income during the first nine months of 2023 also increased to 223 million dinars, compared to 187 million dinars during the corresponding period last year.
Improvement in Trade Relations Between Jordan and the United States
Jordan’s Minister of Industry, Trade, and Supply, Yarub Al-Qudah, confirmed that 2026 represents a turning point in trade relations between Jordan and the United States, pointing to the launch of strong export and import activity between the two countries in the coming years.
Al-Qudah explained that economic cooperation between the two countries is developing rapidly, praising the significant role of the private sector in promoting sustainable growth and attracting investments, according to the Jordan News Agency.
Long-Term Economic Partnership
The minister stressed the importance of trade agreements and the strategic partnership with the United States, describing the relationship between the two countries as solid, multi-faceted, and capable of further development.
He noted that Jordan’s imports from the United States did not exceed $400 million before the signing of the free trade agreement, while Jordanian exports to the U.S. market reached about $3 billion last year, compared to only around $60 million before the agreement was signed.
