NO. 41


Financial and Banking News

Regional Banking

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...