SGBL’s Plan to Buy Two Banks in France and Monaco Awaits Regulators’ Approval

As part of its international development strategy, SGBL has recently signed an agreement to acquire KBL Richelieu Banque Privée in France and KBL Monaco Private Bankers, which are both subsidiaries of the Luxembourg-based KBL European Private Bankers (KBL epb), a provider of private banking services in 50 cities across Europe.

According to the group’s financial statements, the deal amounted to $183 million in combined equity. SGBL expects to finalize the acquisition in H1 2018, following the approval of the regulators involved in Lebanon, France, Monaco, and Luxembourg.

A new, fully-owned group, Compagnie Financière Richelieu, will operate the entities.

Source: Business News 

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