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Two Lebanese lenders complete merger

: Sunday, July 06 - 2014 @ 03:25

Lebanese lenders, Banque de L’Industrie et du Travail and the Near East Commercial Bank have announced a merger between the two banks which will bring the total assets to $1.1bn and a private equity of $200m, The Daily Star has reported. The announcement follows the signing of a memorandum of understanding, although the deal still requires the final approval of the central bank. The new bank will be called (BIT) and the capital injection will come from NECB’s shareholders, they said. “BIT has 13 branches while NECB has six branches in Lebanon and this brings the total number to 19. We intend to open three more branches soon,” the honorary chairman of the new bank, Fouad al-Khazen, told the daily.

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Sunday, July 6- 2014 @ 3:25 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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