On the 24th of March 2020, BLOM Bank SAL informed its shareholders that due to the exceptional situation that Lebanon and the region are going through following the outbreak of COVID-19 and the decision of the Council of Ministers to announce general mobilization until 29 March 2020, the extension of the deadline to participate in the Cash Contribution to Capital (CCC) until April 23, 2020.
Worth mentioning that BLOM Bank’s extraordinary General Assembly held on January 14th approved the terms of raising the bank’s Common Equity Tier I by $261.94M through cash contributions (in USD), which is equivalent to 10% of BLOM Bank Lebanon’s Capital. The issued statement comes on the back of BDL’s Circular No.532 (issued Nov. 04th) which instructed Lebanese commercial banks to increase their Capital by 10% by December 2019, and another 10% by end-June 2020.
Update as of May 08th 2020:
With the extension of the general mobilization decision by May 2020 and amid the escalation of Lebanon’s economic and financial woes, BLOM Bank announced to its shareholders that its Cash Contribution to Capital is now open-ended.
The bank also promises to publish prior to June 19th, another announcement that specifies the end date for its CCC which will be based on updates regarding Lebanon’s developments on all fronts by that date.
Source: BLOM Bank Sal