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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Crypto lender Genesis to return US$3 billion to customers in bankruptcy wind-down
Bank of America to pay US$2.9 billion for portfolio of WaFd multifamily loans
Dollar edges up, but still set for weekly decline
Top HSBC shareholder Ping An will retain investment in bank amid sale talk
Hong Kong officially launches pilot for digital yuan payments
India’s biggest junk bond faces creditor demands as delay sought