Financial and Banking News
Bank Almashrek Buys Jordanian Bank
Bank Almashrek, of Lebanon, has received approval from the Jordanianauthorities to take over the ailing Jordan Finance House (JFH). No price hasbeen revealed for the takeover, although the new bank is reportedly to begranted a one-year tax holiday in Jordan. JFH reported profits of JD110,000 in1987, when its assets totalled JD42.9mn ($130mn), on equity of JD5.4mn. Thismakes it...