The move was approved by the bank’s extraordinary general assembly, which took place virtually on December 23, 2021, and was chaired by Capital Bank Chairman Bassem Khalil Al-Salem and attended by board members and shareholders holding in-person and by-proxy shares constituting 80.38% of the bank’s capital. During the meeting, a number of amendments to items of the bank’s Memorandum of Association were made, in line with the Jordan’s Companies’ Law and the current legislation in force. With the amendment of Article 18, the bank is authorized to issue bonds in accordance with the provisions of Article 117 of the Companies’ Law, after approval of the Board of Directors.

The process, which is in line with actions taken by other regional and international banks, will support the bank's overall expansion and future growth strategy and emphasize the strength of its financial position by raising its capital and maintaining a capital adequacy ratio that surpasses regulatory requirements.

Also on December 23, Capital Bank’s Board of Directors held a meeting to approve the signing of a binding offer agreement to acquire 100% of Société Générale Bank – Jordan’s shares, pending the approval of the Central Bank of Jordan and other relevant regulatory authorities. The move is in line with the bank’s expansion and growth plan decision to continue strengthening its competitive position, while simultaneously upholding its commitment to the highest levels of transparency by disclosing all developments as they occur.  

During 2021, Capital Bank increased its market share in Jordan and Iraq and expanded into new markets after securing the approval of the Saudi Council of Ministers to open a branch of the National Bank of Iraq in the Kingdom of Saudi Arabia. The new branch will work to support and strengthen commercial dealings between Saudi Arabia, Iraq and Jordan by forging new relationships with leading Saudi Arabian, Iraqi and Jordanian corporations and companies.

The bank is also completing preparations to launch NeoBank in 2022, an integrated digital bank that will provide service to both the Jordanian and Iraqi markets through an advanced digital platform that employs cutting-edge technologies.

At the end of the third quarter of 2021, the bank’s net profits after taxes and provisions increased by 80%. The numbers, which exclude all non-recurring operations including the outcome of the acquisition of Bank Audi’s business in Jordan and Iraq, also represent an increase in the bank's net profit to JD52.7 million, a rate of 162.7%. Capital Bank's total assets also witnessed a remarkable 45% increase during the first nine months of the year to reach approximately JD4 billion, compared to JD2.7 billion dinars during the same period of 2020, reflecting the confidence of the bank’s customers and depositors.

Capital Bank also continued to strengthen its cooperation with international institutions by finalizing a number of financing agreements that highlight the distinct increase in confidence in its fiscal position. Furthermore, Moody’s International recently rated the bank as B1 with a stable outlook, one of the highest ratings in the Jordanian banking market.

At the conclusion of the extraordinary general assembly meeting, attendees approved the amendment of a number of items in the bank’s Memorandum of Association consistent with the country’s laws and legislations, after obtaining official approval from the relevant regulatory authorities.

The assembly also authorized the Board of Directors to complete all relevant procedures and amends to the Memorandum of Association in accordance with the provisions of the Jordanian Companies’ Law and other applicable laws.