Jordan’s Capital Bank Group completed a deal with Bank Audi of Lebanon to buy its businesses in Jordan and Iraq.
Amman-based Capital Bank will acquire both the assets and liabilities of Bank Audi in both countries, it said in a statement to the Amman stock exchange, where its shares trade. National Bank of Iraq, a subsidiary of Capital Bank, will complete the transaction in Iraq.
“This agreement is in line with Capital Bank’s expansion strategies regionally and locally, ultimately strengthening its competitive position,” Bassem Khalil Al-Salem, chairman of Capital Bank Group, said. “The move will also enhance the steadfastness of Capital Bank Group’s financial indicators, allowing it to continue providing ... banking services to corporate and individual customers.”
Bank Audi has 14 branches in Jordan and five in Iraq. The lenders did not disclose the value of the transaction, which has already been approved by the respective central banks in Jordan and Iraq.
However, Capital Bank said the assets being acquired within each respective market had values of 506 million Jordanian dinars ($713.7m) and 275 billion Iraqi dinars ($231.3m). The acquisitions will increase the value of Capital Bank's assets to 3.6bn Jordanian dinars and its shareholders’ equity to 400m dinars.
Lebanon is undergoing its worst financial and economic crisis since the end of the country's civil war, which has led to many of its banks enter into negotiations to sell off assets to raise capital. Earlier this month, Blom Bank said it has begun exclusive talks with Bahrain's Arab Banking Corporation (Bank ABC) to potentially sell its Egyptian subsidiary, Blom Bank Egypt.
First Abu Dhabi Bank also said in October it had recommenced talks with Bank Audi to potentially acquire its Egyptian subsidiary. Negotiations were suspended earlier in the year following the onset of the coronavirus.
Lebanon's economy has been on a downward spiral after defaulting on about $31 billion of eurobonds in March. Its economy is forecast to shrink as much as 25 per cent this year, according to the IMF while the World Bank forecasts a 19.2 per cent contraction.
“These transactions further reinforce our bank’s role in facing the considerable challenges Lebanon has been exposed to for over a year now,” Samir Hanna, chairman and chief executive of Bank Audi, said.
Dawood Al Ghoul, Capital Bank’s chief executive, said it intends to retain all of Bank Audi's client accounts and its staff in both markets.
“We will honour all commitments towards clients that were contracted by Bank Audi's units in Iraq and Jordan”, he said.
RESULTS
5pm: Sweihan – Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Shamakh, Fernando Jara (jockey), Jean-Claude Picout (trainer)
5.30pm: Al Shamkha – Maiden (PA) Dh80,000 (T) 1,200m
Winner: Daad, Dane O’Neill, Jaber Bittar
6pm: Shakbout City – Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Ghayyar, Tadhg O’Shea, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,200m
Winner: Gold Silver, Sandro Paiva, Ibrahim Aseel
7pm: Masdar City – Handicap (PA) Dh80,000 (T) 1,400m
Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel
7.30pm: Khalifa City – Maiden (TB) Dh80,000 (T) 1,400m
Winner: Ranchero, Patrick Cosgrave, Bhupat Seemar
TICKETS
For tickets for the two-day Maharlika Pilipinas Basketball League (MPBL) event, entitled Dubai Invasion 2019, on September 27 and 28 go to www.meraticket.com.
RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
AGUERO'S PREMIER LEAGUE RECORD
Apps: 186
Goals: 127
Assists: 31
Wins: 117
Losses: 33
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Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
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If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
KILLING OF QASSEM SULEIMANI