Anwar Jammal reclaims stake from MEAB

Jammal Bank CEO buys back 16 percent of bank’s shares

Jammal Trust Bank Chairman, Anwar Jammal, reclaimed 16 percent of the bank’s shares, which Middle East and Africa Bank (MEAB) had bought for $9 million a few months ago.

Jammal bought back the stake from MEAB at an arranged price in addition to the equivalent of the yield on the investment of $9 million .

Jammal Bank and MEAB are among the smallest ten banks in the country, with deposits ranging between $200 million and $500 million. Jammal Trust Bank’s assets stood at $506 million in 2009.