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Lebanon Finance News

Dedicated to economic and business news on Lebanon, managed by the team of Lebanon Opportunities.

Bank Audi is not merging with Bankmed. Baz: “We are redeploying employees n ot laying them off”. News from Lebanon

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Bank Audi is not considering a merger with any big bank, and claims that it is in talks to acquire Bankmed are baseless, according to Freddie Baz, Vice Chairman and Strategy Director of the Bank Audi group.

Mega mergers cannot happen in Leban….
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Central Bank to banks: Know your real client. Central Bank’s decision is pa rt of anti-money laundering compliance. News from Lebanon

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The Central Bank (BDL) has issued a circular instructing banks and financial entities to identify the ultimate owners or controllers, technically called ’beneficial owners’, of their institutional and individual clients.

They must also open ….
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Banks OK’d to trade in financial instruments. CMA to monitor accounts. News from Lebanon

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The Central Bank (BDL) has reauthorized commercial banks and financial institutions to directly carry out transactions involving financial instruments on behalf of their clients, according to two new BDL circulars.

The new circulars overturn ….
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BLC to sell Cypriot bank to Maurice Sehnaoui. Sehnaoui to exit stake in BLC. News from Lebanon

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A group of investors led by Maurice Sehnaoui is in talks with BLC Bank to buy its stake in the Cyprus-based USB Bank. Sehnaoui will in turn exit his stake in BLC Bank in favor to the Kassar family, which owns the majority of it.

BLC Bank owns….
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Fidus to morph into a specialized or private bank. Equity increased to $25 million. News from Lebanon

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Fidus SAL, a subsidiary of Société Générale de Banque au Liban (SGBL), has received preliminary approval from the Central Bank (BDL) to convert into a specialized bank, according to Jean Hanna, the company’s Deputy Genera….
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Berytech Fund invests in Capital Banking Solutions. Company to expand to the Gulf. News from Lebanon

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Berytech Fund II has acquired a stake in software developer Capital Banking Solutions (CBS) for $5 million.

Both parties declined to disclose the new shareholding distribution. Sources close to the deal estimated Berytech’s share to be under….
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Finance Bank under investigation. Problems to be solved within months. News from Lebanon

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The Higher Banking Commission, which is the judicial arm of the Central Bank (BDL), has instructed the newly appointed general manager of Finance Bank to investigate suspected wrongdoing at the bank and to prepare a recovery plan.

The Commiss….
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Raoul Nehme named top gun at Bankmed. Second managerial change this year. News from Lebanon

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Raoul Nehme has been appointed as Executive General Manager of Bank Med. He is replacing Mohamed Ali Beyhum who is leaving the bank. Beyhum has been in the position since 2010.

Nehme, who will take charge of his new job in June, was Chairman ….
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$200 million financed by European Bank. Energy and infrastructure projects are targeted. News from Lebanon

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The investments made by the European Bank for Reconstruction and Development (EBRD) will reach more than $100 million in its first year of operation in Lebanon, according to Alain Pilloux, EBRD’s Vice President for Banking. The bank plans to double ….
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