The Amman-based Housing Bank for Trade and Finance (HBTF) initiated a new networking project, in collaboration with United Business Machine (UBM), an Information Technology (IT) solutions provider. UBM, which is Cisco’s partner in Jordan, will implement all phases of the project, aiming to link the bank’s 96 branches and ensure round-the-clock connectivity.
Using the new systems, the bank aims to maintain a high level of data security and protection, cut costs and improve productivity through expanding its electronic banking products such as a call center, mobile and e-banking, Mohammad Abu Aridah, the assistant general manager for operations, said. Cisco’s solutions will support voice, video and digital applications and ensure security by encrypting data.
HBTF is the Kingdom's largest financial institution in terms of its capital, totaling JD100 million ($141 million). The bank, which was established in 1973, currently operates 100 branches—96 of which are located in Jordan, while four operate in the Palestinian territories. As part of the bank’s regional expansion scheme, branches are expected to open in Syria and Algeria.
HBTF’s net profits rose by 87 percent in 2001, a rise mainly attributed to an increase in the bank's operational profits. Net profits amounted to JD22 million in 2001, up from JD11.7 million the previous year. The bank’s assets rose by JD85.6 million to JD1708.8 million, while deposits rose by JD47.5 million to JD1313 million. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
