The Board of Directors of BEMO Bank called for an extraordinary general assembly meeting on December 23, 2019 at 09.00am at the bank’s headquarters in Ashrafieh. The main items on the agenda are:
- To discuss and approve the bank’s Cash Contribution to Capital, in compliance with Banque du Liban’s (BDL) Circular No 532 issued on November 04th 2019, regarding the capital adequacy regulatory framework for all banks operating in Lebanon.
- Miscellaneous matters.
This general assembly also comes in response to BDL’s circular issued in an effort to improve liquidity in the market and prevent capital outflow by instructing banks to raise their capital (common equity tier 1) by 10% by end-2019 and another 10% by end-June 2020, with a total of $4.1B. The capital increase will be through cash contributions, mainly from the banks’ existing shareholders, rather than a public offering of shares.
Bank BEMO Financials: H1 2019
|(in $M)||30-Jun-19||31-Dec-18||Y-o-Y |
|Total Assets|| 2,039|| 2,024||0.76%|
|Net Loans and advances to customers at amortized cost || 677|| 726||-6.82%|
|Customer’s Deposits at amortized cost|| 1,203|| 1,272||-5.45%|
|Total Equity|| 195.3|| 189.9||2.82%|
|Profit for the period* || 9.0|| 8.2||10.00%|
|*end June 2018|
Source: BSE, BEMO Bank