AMMAN (JT) — The Arab Bank on Monday decided to “gradually” close its New York branch, saying that the current operation environment in the US is not in line with the financial institution’s strategy.

The Jordan News Agency, Petra, quoted an Arab Bank statement as saying that the vision and strategy of the group are now focusing on operations in the region and Europe. Petra said the move would not have any significant effect on the Amman-based Arab Bank’s local and international operations.

US press reports said last week that US bank regulators were scrutinising the Arab Bank for possible links to Palestinian groups.

The Wall Street Journal reported Wednesday that prosecutors and private entities that have filed civil suits against the bank suspect it has been laundering money for Palestinian “terrorists.”

The reports said that the Arab Bank was negotiating with US authorities to settle claims in tens of millions filed on allegations of damage caused by Palestinian attacks on targets in Israel.

But the government and the Arab Bank refuted such allegations, stressing that the financial institution, as certified by the authorities in the United States, operates in accordance with international standards and measures. - Tuesday, February 8, 2005

What do you expect when Israeli authorities claimes that they seized bank documents that links the bank to [terrorists attacks]? Of course U.S. lawyers are now seeking $875 million in damages for the families of U.S. victims of [terror] attacks allegedly facilitated as they [Israel] claim by the New York office of a big Middle Eastern bank.

Who rules America you said? ahh…

About Arab Bank:

When Abdul Hameed Shoman established the Arab Bank in Jerusalem in 1930, he wanted to build an institution that would serve the Arab world. More than 70 years later, the bank which began with just seven shareholders and a capital of 15,000 Palestinian pounds is an international institution with a balance sheet of USD 26 billion, shareholder’s equity of USD 2 billion and a 1999 income of USD 225 million.

The bank’s success would not have surprised its founder. Abdul Hameed Shoman was a Palestinian emigre, who after 18 years in the United States during which he built a thriving commercial business, understood the need and the potential for a bank that was committed to the development of the Arab economies.

Related links:

• US suit accuses Arab Bank of helping pay militants
• Lawsuit accuses Arab Bank of aiding terrorists
• Lawsuit: Arab Bank financed terror group

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