InvestBank raises capital
Amman, January 22, 2012
In a bid to increase its capital to reach JD100 million ($141.18 million), InvestBank recently offered 14,750,000 shares in a private placement to its current shareholders with each share valued at JD1 ($1.41), by which 95 percent of the shares were covered.
Bisher Jardaneh, chairman of the board, InvestBank, said: “With this capital increase, the bank will have a stronger competitive edge in the market. We shall be able to widen the scope of our services in the various business sectors as well as enforce our strategy in funding medium corporations, offer special financial services and wealth management services which the bank intends to roll out within the coming two years.”
The capital increase will also serve the bank’s financial subsidiaries Al Imdad, Mawared and Tamkeen to widen their scope of work. Other specialised financial subsidiaries are currently under consideration, subject to feasibility, a statement from the bank said.
He finally stated: 2011was a good year at InvestBank, and we trust in 2012 the bank shall witness more success, growth and development. This capital increase shall help us towards playing our role in bettering the local economy and ensuring a high return for our stakeholders.” – TradeArabia News Service