In November 2016, BLOM Bank S.A.L had signed an agreement to acquire the assets and liabilities of HSBC Bank Middle East Limited (a subsidiary of HSBC Holdings plc.) by H1 2017, subject to Banque du Liban’s regulatory approval.
On June 19, 2017, BLOM Bank announced it has completed the acquisition of all assets and liabilities of HSBC Bank Middle East Limited with the approval of BDL.
BLOM Bank also reassured it will preserve the employment of HSBC’s employees and will assist new and old clients in their financial needs.
This step is expected to help the bank expand its Retail, Commercial, and Corporate activities and expand its client base.