Jordan canceled Chase’s operating license.
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The cancellation follows Chase Manhattan Bank’s decision to withdraw from Jordan rather than increase its capital in the nation in line with a government edict. Jordan is giving the bank three months to sell or begin liquidating its business, central bank Deputy Governor Maher Shukri said. Chase can sell its business to any licensed bank in Jordan with the central bank’s approval. Banking sources said Britain’s Grindlay’s Bank was negotiating to buy Chase’s interests.
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