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Old 20-09-2014, 09:00 PM   #290
lightgiver
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Arab Bank is one of the largest financial institutions in the Middle East, founded in 1930 in Jerusalem, Mandatory Palestine as the first private sector financial institution in the Arab world. Headquartered today in Amman, Jordan, it serves clients in more than 600 branches in 30 countries on 5 continents.. Arab Bank is a publicly held shareholding company listed in the Amman Stock Exchange..The bank is a major economic engine in Jordan and throughout the Middle East/Northern Africa, providing modern banking services and capital, and facilitating development and trade throughout the region. According to its website, the bank is the highest ranked by market capitalization and represents 28% of the Amman Stock Exchange. The U.S. Embassy in Jordan has noted the bank as a transparent, respected and beloved financial institution..During the nationalization wave of the 1960s, Arab Bank lost a total of 25 branches.. Following the Six Day War in 1967, the bank closed its West Bank and Gaza branches. Although it closed branches in the Middle East, the bank continued to expand in other parts of the world. In 1961, the bank opened its first international location, becoming the first Arab financial institution to establish a presence in Switzerland..By 1964 Arab Bank Switzerland had locations in both Zürich and Geneva...

In 1974, after his father’s death, Abd Al-Majeed Shoman was named Chairman and General Manager of Arab Bank.. Under his leadership, the bank expanded its scope of products and services into new areas of business.. Though it previously emphasized trade and small-scale construction finance, the bank undertook a leading role in large-scale project finance, both directly and through participation in syndicated loans.. By the 1990s, the bank added investment banking to its services. In the mid-1990s, the bank was given permission by the Central Bank of Jordan and the Israeli Central Bank to reopen in the West Bank/Gaza under the supervision of both the CBJ and the Palestinian Monetary Authority..In May 2000, Abd Al Majeed’s son, Abdel Hamid became CEO. Under his leadership, Arab Bank reopened operations in Syria in 2005, and took steps to commence its activities in Iraq, circumstances permitting.. In January 2007, Arab Bank established Europe Arab Bank (EAB), a London-based, fully owned subsidiary.It also acquired 50% of MNG Bank in Turkey (now known as Turkland Bank) and 50% of Al Nisr Al Arabi Insurance company in Jordan, thus introducing bancassurance to its product variety. Also, the group established Arab Bank-Syria..Over the next few years, the bank opened branches in Frankfurt, London, Australia, New York and Singapore.. Following the Oslo Peace Accords between Israel and Palestine, at the invitation of Israel, Arab Bank opened branches in several Palestinian towns with broad governmental support...On 26 February 2004 the Israel Defense Forces confiscated funds from Arab Bank's Ramallah branch in connection with an investigation into whether certain account holders were supporting terrorism. On the same day, the IDF raided other banks including two branches of the Cairo-Amman Bank..In September 2009, the IDF issued a letter to Arab Bank stating that it had no evidence that the Bank or any of its directors or employees were involved in or funded terrorist activities..



In 2011, the Bank donated ovar 8 million Jordanian Dinars to its Abd Al-Hameed Shoman Foundation to support scientific research and studies in the humanities in Jordan and the Middle East.. In late 2009, Arab Bank launched ‘Together’, a corporate social responsibility program that links four non-profits dedicated to poverty alleviation, education, health and environmental protection.. In 2011, Arab Bank donated more than 177,000 Jordanian Dinars to the Together Program.. In March 2011, Arab Bank Chairman Abdel Hamid Shoman announced the Bank would be partnering with the private sector and allocating one million Jordanian Dinars for development projects to help fight against poverty and unemployment in Jordan..Moorad Choudhry was formerly Head of Business Treasury, Global Banking and Markets at Royal Bank of Scotland plc and formerly Head of Business Treasury, Global Banking and Markets at Royal Bank of Scotland plc. Before joining RBS, He was Head of Treasury at Europe Arab Bank, a subsidiary of Arab Bank. He joined there from KBC Financial Products in London, the derivatives and convertible bond trading arm of KBC Bank N.V., Brussels. Prior to that he was a vice-president in Structured Finance Services sales and marketing at JPMorgan Chase Bank, a sterling proprietary trader in the Treasury division at Hambros Bank Limited, and a Gilt-Edged Market Maker and money markets trader at ABN Amro Hoare Govett Limited. He began his City career at the London Stock Exchange in 1989..As of their 2013 first quarter report, Arab Bank Group had a shareholders' equity base of $7.6 billion (USD), a net profit before tax of $256.9 million (USD) and $45.7 billion (USD) in assets..ZüRich is sometimes referred to as "Downtown Switzerland"for publicity reasons...
http://en.wikipedia.org/wiki/Arab_Bank
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Last edited by lightgiver; 20-09-2014 at 09:02 PM.
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