Finance Bank increases capital by 25 percent

Published November 13th, 2000 - 02:00 GMT

Finance Bank S.A.L., which is 98 percent - owned by Intra Investment S.A.L., increased its capital for the third time in three years, from $12.45 million to $15.5 million following an extraordinary general assembly. 

 

The bank’s Chairman - General Manager Hassan Farran viewed the capital increase partly as a commitment by Finance Bank to development projects like the satellite communications venture Skybridge.  

 

Finance Bank posted profits of $2.36 million in 1999 and had assets at the end of that year of $76 million. — ( Banque du Liban et d'Outre-Mer Sal )  

 

© 2000 Mena Report (www.menareport.com)

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