UnionBankJo.com

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Union Bank for Savings & Investment

Description

During the implementation of the Jordan Development Plans towards the end of the 1970s, lacking from the Jordanian market were the financial instruments necessary to attract private investment to finance development projects. Also missing were financial institutions specialized in capital markets including the issuance and marketing of shares and corporate bonds.

The Arab Finance Corporation (Jordan), which was later licensed as Union Bank for Savings & Investment, was established to fill this void. AFC (Jordan) was incorporated and registered in the official registry of Jordanian Companies at the Ministry of Industry and Commerce on November 20th, 1978, as a public shareholding company under number “123”. The founding of the company was completed on January 24th, 1979, with paid up Capital of JD 2,125,000 held by Jordanian and other Arab investors.

The Central Bank of Jordan issued its license for the company to operate as a financial Corporation and Money Exchanger. AFC (Jordan) also gained its brokerage and underwriting licenses from the Amman Financial Market at the time, Amman Stock Exchange now.