BLC & UBL receive final approval
Banque Libanaise pour Le Commerce S.A.L. (BLC) and United Bank of Lebanon S.A.L. have received final approval for their merger from the Central Bank. The long-awaited approval came after former UBL Chairman Safi Harb and BLC’s former general manager, Jean Felix Abou-Jaoude, repaid most of the controversial loans that they had received from the bank.
The new bank, to be called Banque Libanaise pour Le Commerce, is expected to carry out structural reforms to cut costs and increase efficiency. This includes a plan to lay-off with compensation 10-12 percent of its 750 staff. — ( Banque du Liban et d'Outre-Mer Sal )
© 2000 Mena Report (www.menareport.com)