Financial and Banking News
Petra Bank Closed as Accounts Are Transferred
The Jordanian Government has ordered that all deposits in the troubled PetraBank be transferred to The Housing Bank, a state-owned institution. The move,which was announced on 11 July, effectively liquidates Petra nearly a yearafter its chairman and principal shareholder, Mr. Ahmad Chalabi, fled thecountry amid allegations of fraud. A committee appointed by the government tolook...