Bank of Beirut negotiates Beirut Riyadh Bank takeover
Lebanon’s Bank of Beirut (BoB), is currently in negotiations to acquire Beirut Riyadh Bank, a privately held bank with 13 branches, reported Lebinvest. BoB has 32 branches and held $2.9 million in assets in 2001.
The bank’s customer deposits were up by 5.5 percent last year, reaching 1.68 billion, while loans and advances increased by 7.2 percent to $572 million.
BoB is 10 percent owned by Emirates Bank and was one of the few Lebanese banks not to report a fall in profits last year. The Bank's principal banking activities consist of retail banking services, commercial banking services and products to medium-sized and large businesses and trade finance. — (menareport.com)
© 2002 Mena Report (www.menareport.com)