On November 16, BLOM Bank announced it has signed an agreement, which is expected to be completed during the first half of 2017, to acquire HSBC Bank’s assets and liabilities. HSBC had 3 branches in Lebanon and total assets worth $953M.
Moreover, this acquisition will allow BLOM Bank to diversify its portfolio and expand its customer base as well as its retail and corporate activities. Also, the bank assured employment continuity to all HSBC employees and a “smooth transition for all clients.”
BLOM Bank Financials by Q3 2016
| ($M) | Sep-16 | Dec-15 | % Change |
| Net Profits | 344.07 | 289.77* | 18.74% |
| Total Assets | 30,130.93 | 29,099.15 | 3.55% |
| Customers’ Deposits | 25,447.17 | 24,957.73 | 1.96% |
| Total Equity | 2,817.04 | 2,721.60 | 3.51% |
*Value for September 2015
Source: BSE News