The board of Capital Bank of Jordan (ASE:EXFB) approved a mandatory offer to acquire Société Générale de Banque - Jordanie (ASE:SGBJ), part of a drive to expand the bank's foothold regionally and domestically, its chairman said. The planned acquisition of SGBJ, a fully licenced Jordanian bank with JOD 100 million ($140 million) in capital, was expected to be finalised in the next few months, Al Salem added. "This move will help support the future plans of the bank to grow and reflects the strength of its financial situation," he said.

SGBJ is 87.7% owned by Societe Generale de Banque au Liban, according to the latest information on SGBJ's website.