Banque Pharaon et Chiha Plans to Sell 80% of its Shares

Banque Pharaon and Chiha announced, on the 4^th of October, the sale of 80% of the bank’s shares to Raymond and Teddy Rahme of ZR Group Holding. The latter is considered a well-known player in a multitude of industries such as banking and finance, media, real estate, catering and transportation.

Back to the sale, the main purpose of the deal was not related to financial problems but aimed the increase of the bank’s capital along with ensuring a developed business. However, and following the agreement the other bank shareholders, Pierre Doumit and Henry Helou, will maintain their respective 14% and 5% of the bank’s shares.

The bank is one of the oldest in Lebanon with $300M of assets by the end of 2013. Net profits reached $4.9M over the same period, while customer deposits totaled $238.5M and loans amounted to $91.6M at the end of 2013. As any purchase of a bank’s shares is subject to approval by the Banque du Liban (BdL), the deal is expected to be concluded in 2 months.

Banque Pharaon and Chiha Figures ($M)

Source: Business News