Petra Bank
Organization·business·AI Enriched
Relationships:1
Events:4
Library:3
Confidence:
95%
Key Facts
Type
Organization
Sector
business
Industry
Not specified
Status
Draft
Country
Jordan
Headquarters
Amman, Jordan
Founded
1/1/1977
Dissolved
Active
Also Known As
PetraPetra Bank Ltd.Petra Bank Limited
Tags
commercial bankdefunct
Overall Confidence
95%
Internal Notes
No notes
Key Information
Leadership
Ahmad Chalabi
Chairman
1977 - 1989
Positions
No positions added
About
Petra Bank was a Jordanian commercial bank initiated in 1977 when Prince Hassan bin Talal, Crown Prince of Jordan, approached Ahmad Chalabi, an Iraqi economist teaching at the American University of Beirut, to form and run the new institution. Incorporated by 1978, it operated primarily in Amman with branches throughout Jordan and, supported by the Crown Prince, became the first bank to open branches in the West Bank. Chalabi's family managed related financial entities, including the investment company Socofi in Geneva, the bank MEBCO in Geneva and Beirut, and Petra International, a Washington, D.C., arm of Petra Bank. The bank collapsed in 1989 amid allegations of massive fraud, leading to Chalabi's conviction in absentia.
Key Relationships
Ahmad Chalabi
founded
Chalabi founded Petra Bank in Amman, Jordan in 1977, building it into the country's third-largest commercial bank. In August 1989, Jordanian authorities seized the bank after discovering assets were overstated by approximately $300 million. Chalabi fled Jordan just before the seizure — he later claimed to have been tipped off by Prince Hassan bin Talal. In 1992, a Jordanian military tribunal convicted Chalabi in absentia of 31 charges including embezzlement and currency speculation, sentencing him to 22 years of hard labor. The Chalabi family's broader banking network — MEBCO, Socofi, Petra International — also faced legal scrutiny.
Since 1977
Recent Events
Petra Bank collapsed
Bank collapsed amid allegations of massive fraud
1/1/1989
Ahmad Chalabi convicted in absentia
Convicted in absentia following bank collapse
1/1/1989
Petra Bank incorporated
Bank was incorporated by this year
1/1/1978
Appointed Chairman at Petra Bank
Ahmad Chalabi served as Chairman of Petra Bank
1/1/1977