According to an announcement circulated by Bank Audi Group through the Beirut Stock Exchange on December 29, 2020, the group has signed two agreements: one with Capital Bank Group for the acquisition of the operations of Bank Audi’s branch network in Jordan comprising 14 branches, and another with the National Bank of Iraq (a subsidiary of Capital Bank Group) to acquire the operations of Bank Audi’s branch network in Iraq consisting of 5 branches. According to the announcement, the completion of these transactions is subject to the final approval of the related supervisory & regulatory authorities. It is worth noting that the total balance sheet of Bank Audi’s operations in Jordan stood at JD 506 million ($713.46 million) by end of September 2020, while that of its operations in Iraq amounted to IQD 275 billion ($0.23 billion).

The consolidated assets of the Bank Audi group ended the month of September 2020 at $35.2 billion, with customers’ deposits reaching $26.5 billion and shareholders’ equity amounting to $3 billion. Capital Bank Group (CBG), on the other hand, specializes in investment banking activities in Jordan and Iraq and has total assets of JD 2.8 billion ($3.95 billion) at end of September 2020 and shareholders’ equity of JD 365.5 million ($515.36 million). CBG is the only Jordanian financial institution to own a bank in Iraq, controlling a stake of 61.85% in the capital of National Bank of Iraq.

In a related note, Bank Audi Syria declared on December 24, 2020 that Bank Audi Group has sold its 47% stake in Bank Audi Syria to Banque BEMO Saudi Fransi after securing the consent of the Central Bank of Syria. The final completion of the sale transaction hinges upon obtaining the approvals of all concerned regulatory authorities.