SGBL to open financial leasing firm in Jordan

Société Générale de Banque au Liban (SGBL) plans to open a financial leasing company in Jordan next year, a source at the bank said.

The move is part of SGBL’s plan to expand in Jordan where it already has a presence.

The bank has sensed a niche market for finance leasing products in that country, the source said.

SGBL owns a local financial leasing company called Sogelease Liban, which will provide training to the new employees of its Jordanian counterpart.

Sogelease provides finance leasing of moveable equipment, mainly industrial machinery. Under a finance lease contract, the ownership of the piece of equipment is transferred to the borrowers after they complete the payment of the leasing installments.