Byblos Bank acquires ABN-AMRO’s Lebanese assets
Lebanon’s Byblos Bank will acquire the assets of Holland’s ABN-AMRO Bank in Lebanon. Valued at $36 million, the move is part of Byblos’ plan to increase its assets and improve returns.
The acquisition will increase the Bank’s branch network from 67 to 73, ranking it second in the nation in terms of total assets, which are forecasted to reach $5.2 billion. Byblos’ current asset value stands at $4.5 billion. Deposits are expected to reach $4.2 billion and loans at $1.3 billion.
Byblos’ recorded $32.3 million in net income for the first nine months of 2002, posting almost the same level from the same period last year. As a result return on average assets (ROA) and return on average equity (ROE) stood at 0.94 percent and 14 percent respectively at the end of September.
Byblos Bank is the third largest commercial banking institution in Lebanon and the largest in consumer banking. It has a paid-up share capital of 245.8 billion Lebanese pounds ($161.8 million), consisting of 205 million shares valued at LP 1,200 each. — (menareport.com)
© 2002 Mena Report (www.menareport.com)