The Board of Directors of Banque Libano-Francaise (BLF) decided to redeem its 1,000,000 BLF preferred shares 2010 Series 2 worth LP 10,000,000,000. These shares will be replaced by 1,000,000 common shares with the same nominal value of LP 10,000 per share,paid for via the bank’s special reserves account so as to keep the total capital unchanged. The new common shares will be distributed to the current common shareholders. This was executed by Midclear on the 2nd of November 2015, whereby the total number of BLF common shares became 22,000,000, not listed on the Beirut Stock Exchange.
BLF Financials
| ($M) | Jun-15 | Dec-14 | % Change |
| Assets | 11,305.87 | 11,270.56 | 0.31% |
| Customers’ Deposits | 9,580.07 | 9,580.42 | 0.00% |
| Toal Equity | 1,111.32 | 938.10 | 18.46% |
| Net Profit | 55.31 | 52.15* | 6.08% |
Value of June 2014
Source: Midclear, Company Website