When Jordanian banker Khalid Shoman died in 2001 at the age of 70, many financial observers believed that the banking empire he built from scratch would break up. They proved unfounded, with the familys remaining board members retaining an 8% stake in Jordans largest bank and venerable institution Arab Bank.
Meanwhile, another near 8% stake belonging to Khalid Shoman was inherited by his wife and son Omar. The bank is now run by Abdul Hameed Shoman, son of Khalids brother, has been attempting to diversify its revenue sources in recent years to reduce dependence on interest income, and has become increasingly active in regional corporate and project finance.
And it has done so with considerable success. The bank, which operates in 30 countries and has assets of about US$27bn was recently allocated a BBB+ financial strength rating by regional specialist Capital Intelligence.
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