Monday, 5 December 2022
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JKB History Timeline

1976 - Establishment of JKB

On October 25, 1976, Jordan Kuwait Bank was founded as a public shareholding company with paid-up capital of JD 5 million (USD 7 million). A testament of Arab investors’ interest in investing in Jordan and the successful establishment and development of joint economic projects.

1977 - Commencement of operation

Jordan Kuwait Bank opened its first two branches in Abdali and Jabal Amman.

1983 - Bank Automated System

A number of automated systems that deal with deposits and shareholders' records were implemented.

1985 - Automated Teller Machines (ATM)

Jordan Kuwait Bank introduced Automated Teller Machines (ATM) in 1985 under the brand name “Auto Bank”.

1991 - Connecting all the branches

In June 1991 all of Jordan Kuwait Bank’s branches were connected to the central computer. All deposits and withdrawals between the head office and branches were carried out directly over a private communications network and through the computer center.

1995 - First branch outside Jordan

Jordan Kuwait Bank opened its first branch outside Jordan in the city of Nablus in Palestine on 1/10/1995.

1997 - A New Stage in the Bank’s Journey

On July 15th 1997 a new era emerged that embarked upon the comprehensive development and future of the Bank. On that date the General Assembly of Shareholders elected the Bank’s 6th Board of Directors. The major characteristic of the new Board of Directors was the return of the Kuwaiti and Gulf investors to the Bank. The Kuwaiti and Gulf investors executed their rights in the new capital increase and raised their share to almost 50% of the Bank’s capital, accordingly, becoming an influential factor in the new Board of Directors. The newly elected Board of Directors symbolized a turning point in the history of the Bank and that Kuwaiti and Gulf Investors once again showed their confidence in the future of Jordan’s economy in general and in the Bank in particular. Moreover, the Social Security Corporation became the major Jordanian Shareholder after they increased their stake to nearly 20% of the Bank's capital.

1997 - Election of a new Board of Directors

The election of this Board and handing over the Chairmanship to H.E. Abdel Karim Kabariti as Chairman was a clear sign of the Board's intention to have a major change in the Bank's strategy, mission, and image. It is well known that Mr. Kabariti is not only a former Prime Minister, but also a dynamic person who copes with difficult situations and interacts with challenges. In addition, he is a hard driving executive who leaves his thumbprint on every matter he handles. For example, in less than six months in office many achievements were recorded; the market value of the Bank's share was improved, the general confidence in the Bank was notably increased, and new elite customers; individuals and corporations from the industry, commercial and service sectors, joined the Bank’s client base, as well as capturing the interest of local and international financial institutions. All of which attributed to distinctive financial results and strong performance indicators that advanced the Bank’s position amongst Jordanian banks.

2000 - The first bank in Jordan to launch internet banking (NetBanker)

Jordan Kuwait Bank was the first bank in Jordan to provide internet banking service (NetBanker) enabling the Bank’s clients to inquire about their accounts’ balances, transfer funds between their accounts and third party accounts and pay bills at their convenience. This was soon followed by the launch of the Mobile Phone service (Mobile Bank).

2001 - Cyber Branch and IBU

In 2001, Jordan Kuwait Bank opened the first Cyber (unmanned) branch in Sweifiyyah area in Amman.
An international banking unit (IBU) in Cyprus and a representative office in Algeria were also opened in 2001.

2002 - Expansion and renovation of JKB's head quarters

The Bank completed the expansion and renovation work on the Bank's head quarters located in Abdali in 2002. The building stands tall in the Abdali area in the heart of the capital city Amman. The exterior of the building displays great harmony between metal, glass and stone showing unprecedented architectural work in Jordan.

2002 - United Financial Investments Company

In 2002 United Financial Investments Company (UFICO) became a subsidiary of Jordan Kuwait Bank with the Bank holding a controlling share (more that 50%) of its capital. UFICO is considered to be one of the best brokerage firms and financial services companies operating in the Amman Stock Exchange.

2003 - JKB's new logo

In mid 2003 the Bank launched a new logo to symbolize its newfangled image of strength, vitality and modernity. The new logo comes to epitomize the set of high values adopted and the wealth of achievements accomplished by the Bank throughout past years. It also reaches out for sharper dimensions of growth and prosperity.

2006 - Regional Management

At the end of the last quarter of 2006, Jordan Kuwait Bank opened a branch and established a regional management in the city of Ramallah in Palestine.

2008 - The structure of the Bank’s ownership undergoes an organizational change

In June of 2008 the structure of the Bank’s ownership underwent an organizational change, when the Kuwait Projects Company Holding (KIPCO) transferred the share of the United Gulf Bank (Bahrain) in JKB’s capital to its owned Burgan Bank, thus becoming the regional banking arm of KIPCO Group. This change was viewd as an important step towards strengthening the relationship between Jordan Kuwait Bank and the Group banks and reflected positively on the performance of the Bank and the development of its operations while providing an added value to JKB.

2010 - ATMs for persons with visual disabilities

Jordan Kuwait Bank provided, for the first time in Jordan, custom ATM machines  that cater to persons with visual disabilities.

2011 - Establishment of Ejara Leasing Company

Jordan Kuwait Bank established Ejara for Financial Leasing on January 6, 2011. The company was registered as a private shareholding company with paid-up capital JD10 million fully paid by the Bank. Ejara for Financial Leasing aims to provide innovative and high quality leasing services to supplement the banking and financing services offered at Jordan Kuwait Bank to be in line with the developments in the financial market, meet the needs of the Bank’s clients and support the various economic activities with different financing alternatives.

2014 - JKB launches a new banking system across 56 branches

Jordan Kuwait Bank launched its new banking system” ICS BANKS” across its branches in June 2014.

2015 - Jordan Kuwait Bank launches the first Interactive Teller Machine in Jordan

Jordan Kuwait Bank (JKB) launched the first Interactive Teller Machine (ITM) in Jordan. The ITM uses a video-based interactive technology managed by a remote teller who interacts with the client by audio and video in real time to complete their banking transactions.

2015 - KIPCO is the main shareholder in Al Rawabi United Holding Co.

KIPCO is the main shareholder in Al Rawabi United Holding Co., which in turn owns about 51% of Jordan Kuwait Bank’s capital.

The KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 32 billion as at 31 December 2015. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group’s main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.

2016 - Establishment of Sanad Capital

Specialized Management Co. For Investment & Financial Advisory (Sanad Capital) was founded on 22/11/2016 as a private limited company with a paid-up capital of JD530 thousand (USD747 thousand) fully paid by the Bank. The company, which commenced its operations during the first quarter of 2017, offers a wide range of financial and advisory services including managing stocks and bonds issued, financial advisory services to companies and family groups, in addition to offering financial opportunities such as establishing real estate investment funds and other financial and advisory services.

2018 - Jordan Kuwait Bank acquires 10% of Al Quds Bank and merges its branches in Palestine with Al Quds Bank

Jordan Kuwait Bank and Al Quds Bank signed  a strategic partnership agreement on 28/6/2018, whereby Jordan Kuwait Bank’s branches in Palestine and its assets and liabilities were merged with Al Quds Bank. As part of the agreement Jordan Kuwait Bank acquired 10% of Al Quds Bank's capital and obtained a seat on its Board of Directors.