According to Business News, Byblos Bank is conducting a deal, valued at $91M, to acquire Banque Pharaon & Chiha. BdL (Banque du Liban) has authorized the progress of this deal and is currently studying the possibility of giving a subsidized loan to Byblos as part of its policy to support mergers in the banking sector. It is worth noting that the final approval has not been given yet by the Central Bank. Also, an escrow account of $7M has been opened at BdL in order to guarantee any default on doubtful debt.
On the other hand, ZR Holding, owned by Teddy and Raymond Rahmeh, tried to acquire the bank but BdL’s regulation only allows banks to acquire other banks. However, they will be holding a 5.7% stake in Byblos Bank after the conclusion of the acquisition.
Banque Pharaon & Chiha Details
Establishment Date | 1876 |
Major Shareholder | Naji Pharaon |
Total Assets | $304M |
Total Deposits | $228M |
Source: Business News