StanChart’s Lebanese retail unit sale delayed

April 7, 2014 9:45 am


All hurdles except one have been cleared in the pending acquisition by Cedrus Invest Bank of Standard Chartered’s retail operations in Lebanon, The Daily Star has reported, citing a source involved in the negotiations. The two companies have managed to settle terms on price, taxes and hundreds of technical issues, but the fate of Standard Chartered’s employees remains an issue of contention holding back a final deal, said the source. “Standard Chartered is negotiating with their staff on the proper compensation scheme once the retail business is sold to Cedrus,” the source said. “But these talks have lasted longer than expected.”

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