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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 Markets

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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GroupMed mulls selling shares in IPO. Khawaja completes acquisition of 42.2 percent stake

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GroupMed Holding, the owner of Bankmed, is considering launching an Initial Public Offering (IPO) of its shares in the near future, said Alaa Al Khawaja, a new shareholder in the company.

Khawaja said that his acquisition of 42.24 percent sta….
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BLOM redeems $200 million shares. Bank converts $27 million earnings into equity

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BLOM Bank said it has redeemed and canceled 20 million preferred shares by buying them back at their issue price of $10 per share.

This operation has resulted in a decrease of $200 million in the bank’s total shareholder’s equity, which stoo….
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Solidere to delist its GDRs from London Stock Exchange. Listing costs outweigh low trading volumes

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Solidere said it has asked to delist its Global Depositary Receipts (GDRs) from the London Stock Exchange (LSE) effective June 29, 2017, due to low trading volumes.

Given the GDRs limited liquidity, the costs and administrative burdens are di….
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Cedrus Invest Bank client implicated in insider trading. Bank not named as defendant

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The United States’ Securities and Exchange Commission (SEC) has filed a legal case against unknown defenders, including a customer of Cedrus Invest Bank, on suspicions of insider trading in call options. The Cedrus client has realized a potential pr….
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Royal Forex to upgrade to a financial company. Change enables it to tap into micro lending and investment funds

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Royal Forex Trading has changed its name to Royal Financials as part of a move to upgrade its license from a financial brokerage firm into a financial company.

This change will enable the company to tap into the micro-loan industry and to ad….
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Solidere pays out dividends despite losses. Better sales expected this year

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Solidere will pay dividends of $35 million to its shareholders and expects greater property sales by the end of 2016.

In an announcement following its General Assembly meeting, held June 27, the real estate developer said that it will distrib….
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Torbey camp prevails in sale of Credit Libanais. EFG Hermes to sell 63 percent share for $492 million

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The Egypt-based EFG Hermes said its board has approved the sale of its 63.7 percent stake in Credit Libanais for a total of $492.2 million. Credit Libanais Investment Bank (CLIB) has arranged the sale of 9.41 million shares, representing 40 percent ….
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BDL assets at $91 billion up by a yearly six percent. Assets from exchange operations of financial instruments was main growth driver

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The Central Bank’s (BDL) assets grew by 6.1 percent to $91.4 billion at the end of 2015 compared with the end of 2014.

The growth was mainly driven by assets from exchange operations of financial instruments, which totaled $11.6 billion at t….
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