Arab Bank best local bank in Jordan for 2008

The selection was made in recognition of the achievements of the bank in 2008 , the remarkable financial results and the considerable influence on the domestic banking market.

The magazine underscored Arab Bank's excellence, leading position and its continuous efforts to serve it customers, applying the latest advancements in the banking industry. This is reflected in the numerous awards the bank has harvested from various specialized institutions and high rankings by rating agencies despite the repercussions of the global financial crisis and its impact on the banking scene.

EMEAF indicated that the history of Arab Bank should be highlighted as a Middle East-based bank that has evolved and prospered during an era void of economic potential or investment privilege and characterized with various obstacles starting from hard-to-obtain licensing to the closing down of its outlets and the challenges posed by the nationalization and regionalization.

Arab Bank, the magazine noted, has efficiently survived these tests with perseverance and determination to eventually grow into one of the major banking networks in the world, operating through 500 branches in 30 countries across five continents.

The magazine also commended the ambitious plans of Arab Bank under the leadership of Mr. Abdel Hamid Shoman, who has succeeded in upgrading the performance of the bank into high levels.

Arab Bank Group's profits before taxes and after provisions exceeded $1bn figure by the end of 2008 to amount to ($1.06bn), while assets grew in the said period to $45.6bn and shareholders equity to $7.5bn.

The awards come as the natural consequence of Arab Bank's intensive efforts towards further progress amid accelerating developments in the banking sector.