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 after his father passed away in 1974, whereby he carried on his father's mission. The Bank was already well-established with a sound financial reputation and structure. Abdul Majeed was determined to expand the Bank's activities, and set out to open new branches world wide.
Global expansion continued with the opening of branches in Frankfurt, London, Australia, New York, Singapore as well as many other cities. After the signing of the Palestinian-Israeli Oslo Peace accords, Arab Bank was invited to return 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. With more than 30 years of experience at the Bank, Abdul Majeed’s son, Abdel Hamid, succeeded to occupy the position of CEO in May, 2000.
Shoman’s vision combined with courage and determination navigated the Bank through difficult periods, and expanded his enterprise beyond its goals across the Arab World and beyond.