The Beginning of the Journey

With seven investors and a startup capital of 15,000 Palestinian Pounds, Arab Bank was registered on May 21, 1930 and commenced its operations in Jerusalem on July 14 of the same year. Abdul Hameed Shoman, the founder, was named the Bank’s first chairman. Since its founding, the Bank’s legacy has been to act as an active and leading partner in the socio-economic development of the region. 

Trust and Commitment from the Start 

After the British Mandate Authority withdrew from Palestine in 1948, the Bank lost its branches in Jafa and Haifa. When customers who were obliged to leave the country asked for their deposits, Arab Bank fully redeemed all claims. This decision won the Arab Bank a great reputation and became a historical turning point in its growth: it fostered a strong commitment from the Bank towards its customers and ingrained an enormous loyalty from its customers, which prevails to this day. 

The lost branches were re-established: Haifa branch was relocated to Beirut followed by Amman, Jaffa branch in Nablus and later Ramallah. When the branch in Jerusalem was caught up in the civil disturbance, the Bank’s activities were moved to offices within the old city of Jerusalem. 

In 1948, the Bank’s headquarters were transferred to Amman, Jordan, where it was officially incorporated as a public shareholding company. 

A Catalyst for Arab Economies 

The decades following were considered a period of rapid expansion; during the 1940’s and 1950’s, the Bank expanded its network of branches in the Arab world with 43 branches extending throughout the region, and a growing capital which has grown to reach JOD 5.5 Million. 

Through extensive investments in a wide range of new industries and public projects extending from Casablanca to Baghdad, Arab Bank acted as a catalyst for Arab economic developments during a period when no one was willing to take the risk. 

In Jordan the Bank’s loans for new cement, textile and food processing plants enhanced the country’s growth rate to become second after oil-rich Kuwait in the Middle East. Aside from commercial loans, the Bank provided financial assistance to educate hundreds of Arab students by sending them to Universities in the west. 

Nationalization

The 1960's brought along a wave of Nationalization which swept the Arab world as country after country gained independence from British and French colonial rule. Branches in Egypt and Syria were nationalized in 1961, Iraq in 1964, Aden in 1969, and finally Sudan and Libya in 1970. Within a period of ten years, Arab Bank lost a total of 25 branches. When Israel occupied the West Bank and the Gaza Strip in 1967, more branches were closed. 

Undaunted, the Bank carried on its expansion. In 1961, the Bank opened its first international location, becoming the first Arab financial institution to establish a presence in Switzerland. A sister institution, Arab Bank Switzerland was established in Zurich in 1962 with another branch in Geneva opening in 1964. 

Even in turbulent times, Arab Bank never defaulted on a single payment to any of its customers or partners, honoring all of its commitments regardless of the political and economical environment. 

Steady Expansion 

The 1970s were focused on the newly emerging oil economies of the Gulf while steadily expanding in its new home base, Jordan. 

Abdul Majeed Shoman became Chairman and General Manager of Arab Bank in 1974 and aimed to expand the Bank’s activities and open new branches world wide. 

Global expansion continued with the opening of branches in London, Australia, New York, Singapore as well as many other cities. After the signing of the Palestinian-Israeli Oslo Peace accords, Arab Bank returned to the Palestinian territories to open a network of branches in several Palestinian towns. 

Parallel to growing in size, Arab Bank expanded its scope of products and services into new areas of business. Previously emphasizing on trade and small scale construction finance, the Bank undertook a leading role in large scale project finance, both directly and through participation in syndicated loans. By the 1990’s, Arab Bank added investment banking to its established services.

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. The bank also acquired 50% of Turkland Bank in Turkey, and 50% of Al Nisr Al Arabi Insurance company in Jordan, thus introducing Bancassurance to its product variety.

In 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.

In 2011, Arab Bank became the first Jordanian based bank to launch its Environmental, Social, and Governance (ESG) Report for the year 2010, and has continued to publish its annual reports every year since then. The Report features the bank’s achievements during the previous year on the environmental, social, and governance (ESG) fronts. The Report also highlights the bank’s ongoing efforts and contributions toward realizing the United Nations Sustainable Development Goals (SDGs) through the different initiatives supported and participated in by the bank. 

In August of 2012, Arab Bank’s Board of Directors elected Sabih Masri as Chairman of the Board upon Abdel Hamid Shoman’s resignation. 

As to reinforce its global presence, Arab Bank attained the approval from China Banking and Insurance Regulatory Commission (CBIRC), in 2018, to upgrade its representative office in Shanghai into a fully operational branch, aiming to reinforce the increasing trade financing between China and the Arab world. Arab Bank opened its first representative office in Beijing back in 1985 becoming one of the first Arab banking institutions to establish presence in China. This was followed by the opening of its second office in Shanghai in 1996. In 2019, the bank officially opened its new branch in Shanghai, continuing to expand its reach in international markets.

In 2020, Oman Arab Bank completed the acquisition of Alizz Islamic Bank (AIB) merging its Islamic banking window with AIB. As of the 6^th of July, 2020, Oman Arab Bank became a publicly listed company, with its shares listed in Muscat Stock Exchange (MSX). This marked the beginning of a new phase of Arab Bank’s success story.

In 2021, Arab Bank established ACABES for Financial Technology as Arab Bank Group’s technological arm in the FinTech sector. ACABES provides services for designing, developing, and managing digital solutions for Arab Bank Group and other entities, in addition to providing FinTech services to the Group's clients. ACABES currently operates through its headquarters in Jordan, a branch in Saudi Arabia, and two subsidiaries in Tunisia and Egypt, with expansion plans into other markets.

In line with its digital transformation strategy and offering innovative banking experience to customers, Arab Bank launched its digital banking App (Reflect) in 2021. This platform seamlessly services wider segments of society, aiming to contribute to financial inclusion. It comes in line with the bank’s ongoing efforts to offer innovative and digital solutions, and in line with the latest advancements in the fields of digital banking, communications, and technology. Reflect offers an innovative and personalized banking platform designed specifically to provide an integrated and simple banking experience using smartphones. Arab Bank also launched (Reflect) in Palestine in 2023, in collaboration with the Palestinian Telecommunications Group “Paltel”.

Towards the end of 2023, Arab Bank announced the successful issuance of USD 250 million in Additional Tier 1 (AT1) Capital Securities. The milestone marks the first sustainable perpetual AT1 issue in Jordan. The bond, which was issued through a private placement, is listed on the International Securities Market (ISM) and the Sustainable Bond Market of the London Stock Exchange. The bond, which offers investors an interest rate of 8%, attracted a diverse group of investors, including large institutional and individual investors from Jordan and several other countries where Arab Bank operates.

A key strategic achievement in 2024 was securing the final license to operate in Iraq. This paved the way for the launch of our operations there in early 2025 through the Group’s subsidiary, Arab Bank Iraq which re-establishes the bank’s historic presence in Iraq dating back to the period from 1945 to 1964 in Baghdad, Erbil, and Mosul.

In 2024, Arab Bank released its first Sustainable Finance Allocation and Impact Report for 2024, underscoring its commitment to transparency, impact measurement, and the transition to a low-carbon economy. The report represents a significant milestone in Arab Bank's journey to expand its sustainable finance portfolio, promoting a more sustainable future for the region.

As to continue the bank’s strategy for growth and enhance wealth management and private banking services, Arab Bank (Switzerland), through (Banque Gonet & Cia SA), signed a merger agreement with (Swiss Bank ONE), acquiring a majority stake in 2024. This agreement marks another significant step in the Group’s growth strategy in Switzerland, with this new banking group poised to play a prominent role in the Swiss wealth management industry.

Arab Bank continued to strengthen its position as a leading financial institution, both locally and regionally, leveraging its extensive branch network and deep-rooted expertise in regional markets. It continued to develop its range of services and implement the latest digital solutions, supported by artificial intelligence, to deliver comprehensive and innovative banking and financing solutions tailored to the diverse needs of its corporate, institutional, and individual clients across various sectors.

Early in 2025, Arab Bank unveiled its refreshed brand identity, a bold step forward that reflects its enduring legacy and ambitious vision as a leading financial institution in the MENA region.

The revitalized brand identity embodies Arab Bank’s commitment to innovation and growth, building on its extensive network, client trust, renowned legacy, and deep expertise in the region across the various sectors. 

Inspired by its rich legacy dating back to 1930, the refreshed brand identity features a simpler, bolder, and digitally-focused design, broadening its appeal to connect with diverse audiences, particularly younger generations. This evolution reaffirms Arab Bank's position as a modern, dynamic, and digitally empowered institution, ready to meet the evolving needs of its customers across industries and regions in a constantly evolving world.