 |
Best bank: Arab Bank |
Amman is the somewhat unexpected home of what, by some measures, is the largest bank in the Middle East – Arab Bank.
The bank maintains a large regional network, with substantial operations in Egypt, Oman, Saudi Arabia, Syria, United Arab Emirates and Qatar. This provides it with a more diverse income than those of its Jordanian competitors. Moreover, other markets in the Middle East make Jordan’s 6% GDP growth rate look sluggish.
Arab Bank Group’s net income has grown by 25% over the past year. It also made a small investment banking acquisition in Dubai, which has become the region’s financial centre.
Domestically, Housing Bank for Trade and Finance retains a greater share of the mortgage market, which is large in Jordan (at 11% of GDP) compared with elsewhere in the Middle East (less than 1% of GDP in Saudi Arabia, for example).