Bank of Jordan joins Tejari

Bank of Jordan joins Tejari ABU DHABI, Mar 21, 2004 (WAM) — The Bank of Jordan has announced that it will join the Tejari trading community, the Middle East online marketplace, following its decision to migrate the bulk of its procurement activities online. Tejari Jordan will support the bank’s 72 branches in an effort to bolster customer relationships and reduce the amount of time and money it spends on administration, according to reports in the UAE’s dailies. The bank hopes that its move will increase the number of suppliers and partners with whom it maintains significant contact, as well as improve the efficiency of its procurement processes. “More than 20 banks compete in Jordan’s financial services sector, and opportunities for new players to enter the market are being created by increasing economic liberalisation. In such a competitive environment, it is important for financial institutions to adopt new business models in order to reduce operational costs and stimulate efficiency,” said Shaker Fakhori, assistant general manager of Jordan Bank. “We have formulated an ambitious growth strategy, aimed at increasing our share of the local market while taking advantage of opportunities abroad. “We are implementing the new online procurement model to identify areas where administrative savings can be made, with the intention of investing these savings in new customer services and ongoing growth programmes,” he added. Fakhori estimates that the Tejari partnership will reduce the bank’s procurement costs by up to 20 per cent. The move was inspired in part by the Jordanian public sector’s interest in information technology, demonstrated through policies such as the adoption of e-government initiatives. The first phase of Bank of Jordan association with Tejari will be the opening of online tenders for a range of products required at its branches. These include stationery, food, and furniture, and will expand to computers and related technology needs. All routine purchases will eventually be fully automated. Jordan Bank chose to update its procurement processes following successful agreements between Tejari Jordan and numerous prestigious Jordanian clients, including Jordan Telecom and the Jordan Kuwait Bank. WAM-VV 11 32 CCCCQQE