Financial and Banking News
Chase Manhattan Pulls Out of Jordan
Hard on the heels of its decision to cut back staffing at its Bahrain OBU, Chase Manhattan Bank has decided to shut down its Amman branch. Under existing Central Bank of Jordan rules, Chase would have been required to increase the capital of its Jordanian operation from JD3mn to JD5mn ($13.5mn). Chase opened its Amman branch in 1976, and at the end of 1984 had assets worth JD28mn ($76mn). Profitability...