What's New

The 2007 consolidated accounts of ABC Jordan were ratified at the General Assembly meeting held on April 6th , 2008.

The General Assembly, which was chaired by Mr Ghazi Abdul Jawad/Chairman, approved a capital increase from JOD (56,062,500) to JOD (64,471,875) by distributing 15 percent of the capital as free shares to the shareholders for the purpose of enhancing the Bank’s capital base.

 Mr. Nour Nahawi, CEO of ABC Jordan, announced that net after tax profits were JOD 10.6 million in 2008; total assets were raised to JOD 601.1 million from JOD 517.7 million in the previous year, an increase of 16 percent, Shareholders' Equity increased to JOD 77.3 million, compared to JOD 65.8 million in the previous year, the Capital Adequacy Ratio reached 19.6 percent, Return on Assets reached 2 percent, while the Return on Equity reached 15 percent.

 Mr. Nahawi added that these exceptional results were realized as a direct consequence of the enlightened policies that were decreed by the Board of Directors, the noteworthy efforts of the bank's management team and staff and the fruitful cooperation between the bank and its clients.

ABC Bank sponsored the sports festival at the Terra Sancta College held on the 2nd -3rd of May 2008,where ABC Bank granted awards and trophies to the winning teams.

The tournaments were attended by the Educational and Administrative Board of the school and the families of the students.

This sponsorship stems from ABC Bank’s policy of building strategic relations with the key clients through understanding and fulfilling their needs and striving to continuously offer innovative services.

Manama, Bahrain: Arab Banking Corporation (ABC), the Arab international bank based in Bahrain, today announced that Mr. Ghazi M. Abdul-Jawad, President & Chief Executive for the last 11 years, will be retiring early for health reasons effective 31 March, 2008.

ABC pays tribute to Mr. Abdul-Jawad for the substantial contribution he made during his tenure. Under his leadership, ABC witnessed a remarkable strengthening of its financial position, profitability and footprint.

A number of internal and external candidates were considered for the position, and ABC’s Board is pleased to announce the appointment of Mr. Hassan Ali Juma as President & Chief Executive of the ABC Group, effective 1 April, 2008.

Mr. Juma, a Bahraini citizen, is a veteran seasoned banker, and has held a number of leading directorships in the region. He has been the Managing Director of National Bank of Bahrain for the past two decades. Mr. Juma brings a wealth of experience through his past and present associations and experience in the region. Mr. Juma is no stranger to ABC, as his association with the ABC Group started in 1994 when he became a non executive independent director of its Board representing minority shareholders. He has also subsequently served as director of ABC’s flagship subsidiary in London, ABC International Bank plc. The Board looks forward to Mr. Juma’s future involvement, building on the achievements of his predecessor to lead the ABC Group forward into the next phase of its development.

Mr. Mohammed Layas, Chairman of the Board of Directors commented, “While we are sad to see Ghazi retire early for health reasons, we are pleased that Hassan is joining ABC as President & Chief Executive. He brings the right combination of banking experience, market knowledge and understanding of ABC’s challenges. The Board is grateful to Ghazi for the excellent job well done, and wishes him a speedy recovery.”

Mr. Ghazi M. Abdul-Jawad remarked, “After more than 25 years spent as Chief Executive Officer at ABC and other prominent regional financial institutions, it is time to step away from heavy demands.  My time at ABC has been challenging, and I enjoyed every moment of it.  ABC made huge strides in recent years, and has paved the way for even better prospects for the future.  I have total confidence in the outstanding senior management team at ABC, under the able hands of my successor, to lead ABC towards greater achievements ahead.”

Mr. Hassan Juma said, “I am honoured and pleased to be taking over the leadership of this great Bank. I also look forward to working with the existing senior management, who have done a superb job over the years in bringing ABC to where it is today.”

ABC Bank inaugurates a New Branch at Rawnaq area.

Mr Nour Nahawi – CEO of ABC Bank inaugurated on the 26th of September it's 14th branch in Rawnaq area at Issa Nao'ury St. beside the Ministry of Labor.

Mr. Ahmad Al Khub Deputy CEO- Head of Retail Banking stated that the opening the new branch at Rawnaq comes in line with the bank's strategy in it's expansion and choosing strategic locations where key segments of our customers are located and therefore offering them an easy access to the branch and allowing them to benefit from the bank's products and eminent services.

Mr. Ahmad Al Khub added that the upcoming period shall witness several new branch openings in the near future.

ABC Bank Sponsors General Information Contest "Quiz Night" of Old Baccalaurean Society.

ABC Bank sponsored the Old Baccalaurean Society (OBS) general information contest "Quiz Night" held on Wednesday 26/9/2007 in Four Seasons Hotel. Around 250 of the Society members and their families and friends took part in the contest.

This contribution comes in line with the Bank's aim of supporting cultural activities in Jordan, as well as establishing solid business relations with the entire economic sectors.

ABC Bank offers all banking transactions through its head office in Amman and the various branches within the kingdom amounting to 14, besides 27 ATM machines. The bank seeks to offer a complete set of banking, commercial, investment, and finance services, in addition to lending services including personal, residential and car loans, and credit card services. The bank is always keen to following the technical advancements and provides its clients with the most recent electronic services.

ABC Bank adapt a new electronic system to measure the customer satisfaction

ABC Bank has recently signed an agreement with Access to Arabia Company in order to apply a new electronic system designed to measure automatically the level of customers' satisfaction and to listen to their opinions.

This system is the first of its kind worldwide. It enables the customers in a press of a button to give their opinion and to express the level of their satisfaction in regards to the services offered by the Bank. This system in fact allows ABC bank management to evaluate and improve the bank's quality of customer service through monitoring the system output instantly.

Mr. Ahmad AlKhub the Deputy CEO of the retail banking division commented on the system:

"Believing in our enduring interaction with our customers and the importance of listening regularly to their opinions, we consider that it is essential to use this particular system that is distinguished by it's friendly-user feature and it's easy application in all ABC branches, in order to listen to a wide spectrum of the various opinions and needs of our distinguished customers."

From his part, the Chairman of Access to Arabia Company, Mr Omar Khoury stated:

"This system is considered to be an advanced tool that supports businesses in continuously listening, analyzing and utilizing the customers' opinions and feedback to better improve the quality of their services and to accommodate the customers various needs".

It is worth mentioning that Access to Arabia Company is considered one of the leading companies in Jordan and the Middle East region in offering specific systems in the electronic banking channels which more than fifty banks and financial institutions in the Middle East have benefited from.

ABC Bank Launches a new branch at City Mall...

ABC Bank has opened a new branch in City Mall based at the kings Abdullah the 2nd bin al Hussein St. (Al Madineh Al Tibieh St. previously) in Amman to become the thirteenth branch, aside to the mobile sales team that provides an excellent service to their key clients.

Launching the new branch at City Mall comes in line with the banks strategy plan in expanding the branches network by choosing prime locations that enables the customers to reach each branch easily.

The branch started its operations on the 27th of MAY 2007 offering comprehensive banking solutions to accommodate various clients'          needs.

The French Cultural Center in association with ABC bank organized the Annual Quiz Night ...

The French Cultural Center in association with ABC bank organized the Annual Quiz Night that took place on March 25th, 2007, at the Jordan Intercontinental Hotel during the exhibition of international Francophonic Days, more than 150 members, family, and friends participated, ABC bank awarded the first place winners with ABC Pre-paid Cards as prizes.

This collaboration is to affirm the bank’s interest in different cultural parties in Jordan, also the bank Arab Banking Corporation (Jordan) presents full banking solutions to his clients and builds fruitful relations with them through a deep understanding for their recent needs accordingly & catering their future needs.

On the special occasion of Mother's Day, ABC Bank sponsored a program on Sawt El Ghad radio ...

On the special occasion of Mother's Day, ABC Bank sponsored a program on Sawt El Ghad radio station which was broadcasted live on air for a whole week.

The idea behind the concept was to help some families who because of a feeble financial situation can not afford a proper get mother’s day gift, & to give them the chance to show their affection & gratitude to their mothers for years of love & care.

The journey started at 10:00 am with a car branded ABC Bank and Sawt el Ghad   driving around & distributing gifts to the listeners who have participated in this program by visiting their homes. Their first stop was the University Of Jordan hospital where ABC Bank gave prepaid cards to six cases in need of small contribution that will help them cover their medical treatments.

The tour continued after that covering all the city directions distributing ABC Prepaid cards in different value ranges to cover all the gifts requested from the listeners such as travel tickets to Kuwait along with two days accommodation for a wife who wants to see her husband after three years form being apart, and another gift buying a computer and fridge and contributing in fixing a family kitchen subsequent to a horrible fire incident, and other gifts offered by ABC Bank.

ABC bank thanked Sawt Al Ghad Radio for this brilliant idea that was a success on that day, with hopes that this event will re-take place over the years to come...

ABC Bank-Jordan held the bank’s annual party

ABC Bank-Jordan held the bank’s annual party on the 19th of January 2007, at the Meridien hotel in Amman. All ABC's executive management team, employees and their families attended the event which included different activities.

Mr. Nour Nahawi the CEO of ABC Bank Jordan welcomed the attendees and awarded gifts to ABC's employees for their hard work over the 15 years.

This event aims to build a strong relationship between the employees and management which helps to boost service level towards achieving maximum customer satisfaction.

ABC Jordan has hosted the 3rd annual retail-banking workshop between the 29th and the 30th of November 2006

ABC Jordan has hosted the 3^rd annual retail-banking workshop between the 29^th and the 30^th of November 2006 the workshop took place at the Marriott hotel in Amman and was inaugurated by ABC Jordan Chief Executive Officer, Mr Nour Nahawi. Arab world units of ABC Jordan, Algeria and Tunisia were present.

Each unit presented its performance and achievements for 2006. Future strategies and plans were also discussed, in addition to other topics such as retail risk, policies and IT applications.

8.1 million Jod is the net profit of ABC BANK (JORDAN) up to the end of Sept.

ABC BANK (JORDAN) has issued a statement declaring that its net profit during the first 9 months of the year has reached 8.1 million Jod, the return on equity has reached 19% during the same period, while the net interest & commission income increased by 28% to reach 13.6 million Jod compared to 9.8 million Jod during the same period last year, as for total income it reached 20.8 million Jod compared to 20.6 million Jod for the same period last year, the statement revealed that the operating expenses has decreased by 2% and as a result of that the cost to income ratio has dropped from 50% during the same period last year to 48%, the statement added that total assets has increased to reach 485 million Jod compared to 411 million Jod during the same period last year, the rise is due to increase in loans, advances, placements with banks and available for sale securities, while non performing loans portfolio has dropped by 26% to reach 5.6 million Jod compared to 7.6 million Jod during the same period last year, while the percentage of provisions coverage of the non performing loans has risen over 100% and the shareholders equity has reached 63 million Jod (a 18% rise since the turn of the year).

ABC Bank Sponsors Ramadan Activities

ABC Bank is the major sponsor of Al-Qaser Courtyard Ramadan tent, for the duration of the holy month of Ramadan, in cooperation with ٍٍSawt Al-Ghad radio station; and the Ramadan Iftar and show at the Meridian hotel, both popular venues with high traffic of ABC Bank's targeted market; ABC Bank's presence also includes giving daily gifts and giveaways to promote the bank's brand name.

ABC Bank sponsored the annual quiz night

ABC Bank sponsored the annual quiz night for the old baccalaureate school graduates (OBS), which was held on Friday, Oct 6^th 2006, at the Four Seasons Hotel. Over 100 people of the OBS club members, National Baccalaureate School students, as well as their families and friends took part in the event. Where ABC Bank presented a 500 JOD Cash prize to the winner of the raffle.

ABC Bank's sponsorship of the event stems from the bank's strategy of building strategic relationships with key clients through providing comprehensive solutions for their  needs, and striving to continuously offer innovative services.

ABC bank inaugurates its new branch in Khalda

ABC bank has recently inaugurated its new branch in Khalda area, The branch started its operations on the 21st of Aug 2006 offering comprehensive banking solutions to accommodate various clients needs.

ABC Bank Sponsors General Information Contest "Quiz Night" of Xpress Communication Co.

ABC Bank sponsored the Xpress Communication Co. general information contest "Quiz Night" held on Wednesday 14/6/2006 in Dunes Club/Airport Road on the second anniversary of launching the Company's services. Around 150 of the Company's staff and their families and friends took part in the contest during which the Bank awarded prizes for the second place winners.

This contribution comes in line with the Bank's aim of supporting cultural activities in Jordan, as well as establishing solid business relations with the entire economic sectors. ABC Bank was established in Jordan in 1990 as member of the Arab Banking Corporation Group, one of the major Arab International banks, based in Bahrain with world-wide spread affiliate banks. The bank offers all banking transactions through its head office in Amman and the various branches within the kingdom amounting to 11, besides 26 ATM machines. The bank seeks to offer a complete set of banking, commercial, investment, and finance services, in addition to lending services including personal, residential and car loans, and credit card services. The bank is always keen to following the technical advancements and provides its clients with the most recent electronic services.

ABC Bank Sponsors the Old Baccalaureate School Treasure Hunt

ABC Bank sponsored the annual Old Baccalaureate School (OBS) treasure hunt held on Friday, May 19th 2006, where ABC Bank granted awards to the event winners. Over 100 people of the OBS club members, National Baccalaureate School students, as well as family and friends took part in the event.

ABC Bank's sponsorship of the event stems from the bank's strategy of building strategic relationships with key clients through providing for their specific needs, and striving to continuously offer innovative services.

Nour Nahawi heads ABC Jordan

Mr. Nour Nahawi has been appointed Managing Director and Chief Executive Officer of Arab Banking Corporation – Jordan as of June 4.

ABC BANK JORDAN AND TELE LINK LAUNCH A BALANCE TRANSFER CAMPAIGN

ABC Bank (Jordan) and Tele Link the largest distributor of Sony Ericsson mobiles in Jordan launched a major campaign on Monday 1.5.2006 aimed at enlarging the bank’s credit card product portfolio; the campaign is launched under the theme (Transfer your outstanding credit card balance to ABC Bank and get a free Sony Ericsson Mobile Phone).

What made this campaign different; ABC Bank added unique features and added values to its credit card product I; which included free issuance fees, free credit shield insurance, free Value Plus discounts card, grace period up to 51 days, and minimum monthly payment of 3% or 10JDs whichever is greater. Under the campaign, each ABC existing or new credit card holder will get a free Sony Ericsson mobile phone upon transferring a credit card balance of JOD 1,000 or above to ABC Bank credit card; clients will get a Sony Ericsson mobile (K300i) upon transferring a balance ranging from JD 1,000 to 3,000, and a Sony Ericsson mobile (Z530i) upon transferring a balance over JD 3,000.

On behalf of ABC Bank Mr. Ahmad Al Khub" Assistant General Manager/ Head of Retail Banking Division noted that " This campaign, which is launched in cooperation with Tele Link , the largest Sony Ericsson  distributor in Jordan, comes in line with the bank’s strategy of offering comprehensive financial solutions and opting to accommodate various clients needs".

Arab Banking Corporation (ABC) announces first quarter results with 144% increase in net profit.

Arab Banking Corporation (B.S.C.) today announced the Group’s net profit for the first quarter of 2006 of US$66 million. This was an increase of 144% over the comparable net profit of US$27 million for the same period last year. 

Total income surged to US$133 million (2005: US$74 million). Interest income at US$59 million was 48% higher than US$40 million recorded in the same period last year benefiting from the higher interest rates and the build up in the lending activities. Non interest income at US$74 million also registered a healthy growth of 118% over the corresponding period of last year as a result of higher earnings emanating from Treasury activities (foreign exchange and securities) and disposal of certain fixed assets (US$8 million). Loan loss provisions totalled US$1 million, compared with the net recoveries of US$5 million in the same period last year.

Operating expenses increased to US$57 million (2005: US$46 million) attributable mainly to rise in staff costs from cost of living increases, higher accruals on account of variable compensation schemes from higher earnings and additional staff hired to develop the Group’s growing business lines.

ABC Group’s total assets amounted to US$20.1 billion (2005 year end: US$17.6 billion). Liquidity remains strong, with the liquid assets to deposits ratio at 75% (2005: 75%). The loans to deposits ratio increased marginally to 52% (2005: 51%). The Group continues to maintain a strong capital base as evidenced by the risk asset ratio of 19.2% at March 2006 (2005: 21.0%).

Mr. Ghazi M. Abdul-Jawad, President & Chief Executive said, "ABC's significantly increasing profitability re-emphasises the positive impact of our re-focus on the business opportunities inherent in the Arab region, as positive trends can be seen at all our units across North Africa and the Middle East, as well as our other international network.

"This improving trend which resulted from the successful implementation of the product-based matrix management structure introduced in 2004, clear market-oriented focus, diversified product range and international reach clearly demonstrates our improved earnings potential and prospects for future growth."

The ABC Bank General Assembly approves balance sheet, income statement and distribution of 30% free capital shares.

Amman – the Arab Banking Corporation (Jordan)’s General Assembly convened its ordinary and extra-ordinary annual meeting on Sunday April 2nd 2006, under the chairmanship of Mr. Ghazi Abdul-Jawad and the presence of members of the Board of Directors, Deputy & Acting Chief Executive Officer Mr. Ammar Al-Safadi, a representative of the Corporate Affairs Office, auditors Ernst & Young and shareholders of (90%  ) of the bank’s capital.

In the ordinary meeting, the Chairman of the Board of Directors Mr. Ghazi Abdul Jawad announced the results of the ABC’s operations and achievements during 2005. The General Assembly also reviewed the Board of Director sixteenth annual report for the fiscal year 2005 and the bank’s plans for 2006, also approving the balance sheet as at 31 December 2005 , Consolidated Income Statements and changes to shareholders equities, and cash flows for the year  on that date. The meeting re-elected Ernst and Young as auditors for the fiscal year 2006.

During the extra-ordinary meeting, a new board of directors was elected for the forthcoming four years. The meeting approved a capital increase from JOD (34.5) million to JOD (44.85) million by profits capitalization of JOD ten million three hundred and fifty thousand and distribution as free shares to shareholders at a rate of 30% of the nominal share values, this for the purposes of enhancing the Bank’s capital base. Deputy & Acting Chief Executive Officer Mr. Ammar Al-Safadi announced that net profits reached JOD 11.9 million, an increase of 79 percent over last year which reflected positively over all major indices, shareholders equity increased from JOD 43 million to JOD 52.9 Million, an increase of 23 percent, ABC Bank’s capital increased from JOD 27.6 million to JOD 34.5 million, while return on assets ratio increased to 3 percent from 2 percent last year, return on equity increased from 18 percent to 25 percent, adequacy capital reaching 20 percent and return per share reaching 344 Fils of nominal share value.

Mr. Al-Safadi added that the exceptional results would not have been achieved without the collaboration of all efforts at the management to achieving higher levels of performance in all fields such as the provision of eminent services and the enhancement of ABC’s presence in all retail banking activities, corporate and investments services, this in addition to cooperation with the Bank’s wholly owned Subsidiary Arab Cooperation Financial Investments Co. Ltd. which enabled the ABC Bank achieve admirable results enhancing its pioneering  image and the attainment of a prominent position in the local banking market.                        

ABC Bank Co-sponsors the 5th anniversary for the declaration of ASEZA 

Aqaba 16-17 February 2006.

ABC Bank was a “Golden sponsor” of the 5th anniversary celebrations for the declaration of Aqaba Special Economic Zone at the conference held at the Aqaba Intercontinental Hotel on 16-17 February 2006
ABC  Bank participation in this event stems from the Bank’s conviction of the role of ASEZA in developing the city of Aqaba in observance with the Royal vision, as well as the achievements of the past five years. The Bank representative at the conference Mr. Ahmad Alkhub, Assistant General Manager for Retail Banking, in his speech congratulated ASEZA for its achievements assuring the proactive role of the Authority in the development of the zone, Mr. Alkhub  explained the supporting role of  ABC Bank in financing investments and  important economic projects as well as  provision of  various banking facilities to individuals through the bank’s branch in Aqaba, the involvement of the bank emanates from its faith in the future of the region and the opportunities and investment features offered to investors.
	ABC Bank also participated in the conference exhibition, through a dedicated booth alongside other  project investors who had the opportunity to present their achievements in the region within the past five years.

ABC Bank's 2005 Net Profits Hit JOD 11.9 mm

ABC Bank's 2005 net profit increased by 79%, JOD 5.2 mm, compared to that of 2004, scoring JOD 11.9 mm. The upshot of the bank's performance was reflected in all other financial performance indicators, as shareholder's equity rose by 23% from JOD 43 mm in 2004 to JOD 52.9 mm in 2005; return on assets increased to 3%, compared to 1.9% in 2004, and return on equity increased from 17% to 24.2% over the last year; whereas the capital adequacy ratio scored 21%; earnings per share of 2005 scored JOD 0.334, i.e. 34% of the book value per share.

Mr. Ammar Safadi, ABC Bank Acting CEO, emphasized the significance of such a performance, and indicated that this performance enabled the bank to support and extend it's capital base, thus being in line with the plan put forward by the Central Bank of Jordan, aimed at increasing local banks capital to a minimum of JOD 40 mm by the end of 2007; Mr. Safadi indicated that this performance would further enable the bank to strengthen its financial position, thus being able to compete, better serve its clients, and continue to support its technological infrastructure and other resources.

Other major items in the bank's balance sheet have also grew significantly by the end of 2005, whereby the bank's total lending portfolio has reached JOD 202 mm, a 20% growth over the year 2004; as such, the bank's total asset have increased by 10% to score JOD 412 mm. On the liability side, total deposits increased to JOD 319, a 16% increase over the year 2004. Such indicators would enable the bank to continue its successful performance over the foreseeable future.

It is also worth mentioning that these results will be discussed by the bank's general assembly, subsequent to approval by the Central Bank of Jordan.