BDL Buys Inaash Bank
( Banque du Liban et d'Outre-Mer Sal ) – In order to put an end to all rumors concerning Inaash Bank’s financial health, the BDL has bought the Al-Jafal family’s share estimated at around 81 percent.
In addition the Central Bank has appointed Mr.Abbas Chouman to temporary manage the bank until its final fate is decided. This arrangement allows the BDL to either sell Inaash to a new buyer or enter into a merger agreement with another bank, while preserving the best interest of both employees and clients.
Meanwhile, the Central Bank was still negotiating with the Societe General Libano-Europeenne de Banques S.A.L. (SGLEB) as to their offer concerning buying Inaash -- especially in relation to the loan and facilities that SGLEB will get from the BDL, in addition to the status of the current 300 employees working at Inaash’s 20 branches. By the end of the week it was revealed that an agreement was reached between the Central Bank and SGLEB with this latter purchasing the totality of Inaash’s shares for $50 million.
© 2000 Mena Report (www.menareport.com)