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Lebanon Finance News

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

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Financial Institutions

SGBL to buy two banks in France and Monaco. $183 million in combined equity

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Société Générale de Banque au Liban (SGBL) said it has signed a deal with Luxembourg-based KBL European Private Bankers (KBL epb) to acquire two of its subsidiaries.

The subsidiaries are KBL Richelieu Banque Priv&e….
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Additional $500 million in subsidized loans for 2017. Expatriates to benefit from subsidized loans

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The Central Bank (BDL) has decided to inject an additional $500 million to the stimulus package for 2017 which aims to finance productive projects and home purchases at subsidized rates, according to BDL’s intermediate circular 475.

This brin….
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€80 million BDL-subsidized energy loans at zero interest. Financing scheme by EIB and AFD through local banks

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The European Investment Bank (EIB) and Agence Française de Developpement (AFD) will provide a financing facility of €80 million ($95.8 million) through local banks to finance energy projects.

The interest rate paid by the borrowers wil….
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Saradar Bank buys half of Vitas microfinance company. Saradar aims to gain a foothold in the microfinance market

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Saradar Bank said it has acquired a 49 percent stake in microfinance company Vitas SAL, a local subsidiary of the US-based Vitas Group. The transaction was valued at around $3.7 million according to a source linked to the transaction. Both Saradar a….
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Moneylenders to get same training as bankers. Central Bank circular regulatin g further ‘Comptoirs de crédit’

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The Central Bank (BDL) has issued a new regulation requiring certain executives in moneylending businesses to have qualifications similar to those required by people holding comparable jobs in banks and financial institutions. The prerequisites pert….
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BDL to raise ceiling for industrial export soft loans. Conditions to ease in a bid to benefit SMEs

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The Central Bank (BDL) will raise the ceiling of soft loans provided by banks to finance the working capital of industrial exporters to $3 million from $2 million, according to Wael Hamdan, Director of BDL’s Financing Unit.

The decision is an….
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Banks get to open more branches per year. BDL Circular aims to expand financial inclusion

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The Central Bank (BDL) will allow banks to increase the number of branches to three per year, up from two currently, provided that at least one of the new branches uses modern technology, according to BDL’s intermediate circular 467.

BDL said….
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EIB offers $303 million in credit lines to four banks. Funds target SMEs and mid-cap companies

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The European Investment Bank (EIB) has granted credit lines to four local banks with a combined value of 265 million euros ($303 million). The funds will be used to finance small and medium enterprises (SMEs) and mid-cap companies.

The benefi….
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Torbey reelected Chairman of ABL. Salim Sfeir won one seat

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Joseph Torbey has been reelected as Chairman of the Association of Banks (ABL). His team won 11 out of 12 seats of ABL’s Board of Directors.

His rival Salim Sfeir won one seat at the expense of Varouj Nerguizian, Chairman of Emirates Lebanon ….
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