AMMAN, 10 February 2005 — The Arab Bank, one of the Arab world’s largest banking institutions, has decided to “gradually” shut down its New York branch, citing the “incompatibility” of the current operation environment in the United States with the banks’ strategy, according to an Arab Bank statement issued yesterday.

“The Arab Bank’s board of directors decided during its meeting on Saturday to close its New York branch gradually and according to a defined timetable,” the statement said. “The decision to withdraw from the US market was taken due to the incompatibility of the current operation environment in the United States with the Arab Bank’s strategy and vision” that seeks to confine the bank’s operations to the Arab area, Europe and other areas where it currently operates, the statement added.