First International bank merges with Société Bancaire du Liban
Lebanon’s First National Bank (FNB) has signed a merger agreement with Société Bancaire du Liban. The deal is subject to the final approval of Lebanon’s Central Bank, reported Lebinvest.
FNB is a Beirut-based commercial bank with a total shareholders' equity of $15 million. It was established by a group of institutions, businessmen and bankers from Lebanon and the Gulf region. The bank had $421 million in assets, $374 million in customer deposits, and $105 million in loans in 2001.
Société Bancaire du Liban is a small bank with four operating branches and 92 employees. It recorded total assets of $95 million in 2001, $80 million in customer deposits, $22.5 million in loans, and $11.35 million in shareholders’ during the same period. — (menareport.com)
© 2002 Mena Report (www.menareport.com)