Arab Bank Today
Abdul Majeed Shoman passed away on July 5th, 2005. His son, Abdel Hamid Shoman was elected Chairman upon his father’s death.
In 2005, the Arab Bank reopened operations in Syria, and performed necessary preliminary arrangements to commence its activities in Iraq, circumstances permitting.
In 2006, Arab Bank was granted the green-light to establish Europe Arab Bank (EAB), a London-based, fully-owned subsidiary, acquired 50% of MNG Bank in Turkey, and 50% of Al Nisr Al Arabi Insurance company in Jordan, thus introducing Bancassurance to its product variety.
Today, the Arab Bank Group has the largest Arab banking branch network world-wide, with over 600 branches in 30 countries, spanning 5 continents.
On 13th August 2008, Arab Bank plc obtained the license to establish and operate a fully-owned subsidiary in Khartoum – Sudan, under the name "Arab Sudanese Bank", which is intended to offer a full range of banking products and services that are Islamic Sharia – compliant. The bank's paid up capital is US$ 50 million and launched its operational activities in 2009.
In 2011 Arab Bank became the first Jordanian based bank to launch a GRI checked Sustainability Report covering its activities in 2010.
In August of 2012, Arab Bank’s Board of Directors elected Sabih Masri as Chairman of the Board upon Abdel Hamid Shoman’s resignation.