Chairman leads deal to buy stake in Arab Bank for US$1.12b

[AMMAN] A consortium of Arab and Jordanian investors led by Arab Bank Chairman Sabih al Masri has bought Oger's 20 per cent stake in Jordan's Arab Bank Group for US$1.12 billion, the bank said on Wednesday.

It said the deal to buy the stake from Lebanon's Hariri family which owns Oger was concluded by the consortium that includes 40 investors, a majority of them Jordanian.

Mr Masri led negotiations to buy stake after the family of Saudi Arabia's Fawaz Alhokair dropped a US$1.1 billion offer.

The stake is held by Oger Middle East Holding, which is owned by the family of Lebanese Prime Minister-designate Saad al-Hariri.

REUTERS