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“Capital Bank”: Issuance of Tier 1 capital bonds with a value of $100 million

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“Capital Bank”: Issuance of Tier 1 capital bonds with a value of $100 million Empty “Capital Bank”: Issuance of Tier 1 capital bonds with a value of $100 million

Post by RamblerNash Sun Dec 26, 2021 10:18 pm

“Capital Bank”: Issuance of Tier 1 capital bonds with a value of $100 million File
Posted on Monday, December 27, 2021. 12:00 AM

In a step that is considered the first of its kind at the level of Jordanian banks, the Jordan Capital Bank (Capital Bank) announced that it intends to issue Tier 1 Capital Bonds (additional capital) with a value of $100 million (equivalent to 70 million Jordanian dinars) classified under capital The additional money AT1 after obtaining the necessary regulatory approvals to issue these bonds.

This step comes after the approval of the bank’s extraordinary general assembly in a meeting held by video and electronic communication technology last Thursday, chaired by the Chairman of the Board of Directors Basem Khalil Al-Salem, and in the presence of the members of the bank’s board of directors and shareholders holding shares in person and by proxy, which constitutes (80.38%) of the capital, a number of From the amendments to the articles of the bank’s articles of association in line with the Jordanian Companies Law and the legislation in force.

This step, which comes like regional and international banks, aims to support the bank's future plans for growth and to emphasize the strength and solidity of its financial position, by raising the bank's regulatory capital and also maintaining a capital adequacy ratio in a way that exceeds regulatory requirements.

The Board of Directors of the Capital Bank of Jordan also held a meeting on the same day to agree to sign a “binding offer” agreement regarding the acquisition of Societe Generale Bank - Jordan by purchasing 100% of the bank’s shares, provided that the approval of the Central Bank of Jordan and other regulatory authorities is obtained.

This decision comes within the bank's strategy to expand and enhance its market share, pending official approvals to take the final decision. The Bank affirms its commitment to the highest levels of transparency in this regard and to disclose any developments in this matter as they occur.

During the year 2021, Capital made great strides, as it was able to increase its market share in Jordan and Iraq and expand into new markets, after obtaining the approval of the Saudi Council of Ministers to open a branch of the National Bank of Iraq in the Kingdom of Saudi Arabia, which will contribute to supporting and strengthening trade relations between the Kingdom of Saudi Arabia. Iraq and Jordan.

The bank is also about to open an integrated digital bank (Neo Bank) at the beginning of next year 2022, which will provide its services in the Jordanian and Iraqi markets according to the best standards of financial technology.

Capital Bank had achieved an 80% increase in its net profit after tax and provisions at the end of the first nine months of this year, after excluding all non-recurring operations, and by calculating the outcome of the acquisition of Bank Audi’s banking operations, the bank’s net profit amounted to 52.7 million dinars. That is, an increase of 162.7%.

It also achieved a remarkable increase in the bank’s total assets during the first nine months of this year by 45% to reach nearly 4 billion dinars, compared to 2.7 billion dinars as at the end of last year, which reflects the confidence of customers and depositors in the bank.

The Bank was able to expand its relations with international institutions by concluding a set of financing agreements, which indicate an increase in confidence in the Bank's financial position.

In confirmation of all of the above, Moody's International has recently rated the bank B1 with a stable outlook, as this rating is considered one of the best ratings at the level of banks in Jordan, which is granted by international credit rating companies.

At the end of the meeting, the bank’s extraordinary general assembly agreed to amend a set of articles of the bank’s articles of association in a manner consistent with the laws and legislations in force and duly and after obtaining official approvals from the regulatory authorities.

The General Assembly authorized the Board of Directors to complete all related procedures and amend the Articles of Association in accordance with the provisions of the Jordanian Companies Law and applicable laws.

LINK

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