.jpg)
Cairo Amman Bank, a Jordanian bank, recently announced the offering of custody services to investors on the Amman Stock Exchange. While other stock markets in the region have experienced big increases in their indices year to date, the Amman Stock Exchange has lagged behind. “This is the nature of our market,” says Ms. Reem Eses, Head of Treasury at Cairo Amman Bank and the person in charge of launching and managing its custody services. “The ASE is highly correlated with the GCC but with a lag time factor.” “We expect major advances in the ASE index by year end and for 2015.”
The ASE has 237 listed companies and a market capitalization of around $27 billion; around 81% of GDP. “We expect both GDP growth as well as increases in market cap for this year and next. Companies’ earnings are showing signs of improvement and the crises around us make others stand up and take notice of our stability and durability; politically, economically and financially. We are a haven in a troubled region.”
Established in 1960 as a public shareholding company, Cairo Amman Bank has the second largest retail portfolio in Jordan and is fifth in terms of total assets. Recently, it had the highest return on equity amongst Jordanian banks.
“As far as our custody services are concerned, we are compliant with Rule 17-f5 and follow international best practice. We have a dedicated and motivated professional team and a favorable pricing structure” says Reem Eses.
“Cairo Amman Bank’s motto is “Together We Grow” and we aim to apply this to our custody services.”
