Market rumors suggest that Banque Audi S.A.L. is in negotiations to acquire a majority stake in Lebanese brokerage firm Financial Fund Advisors (FFA), in an attempt to expand its brokerage operations in the region after acquiring local financial institution Lebanon Invest last December.
FFA has been focusing on foreign stock markets in the past couple years as activity on the Beirut Stock Exchange diminished. The brokerage house also acts as an agent for major mutual funds players like Fidelity. For the first six months of 2000, FFA net profit amounted to $600,000 along with a client base reportedly exceeding 800. — ( Banque du Liban et d'Outre-Mer Sal )
© 2001 Mena Report (www.menareport.com)
