Following Banque du Liban’s approval on the 13th of May 2015, Societé Générale De Banque au Liban increased its capital by $100.0M through the issuance of 10,000 Perpetual, not Listed, non-Cumulative Redeemable Preferred Shares 2015. The fixed annual dividend will be equivalent to 7% per year of the Issue Price which is $10.000/share. In turn, annual distributions will be subject to withholding tax at the rate of 10% (unless shares are listed on the BSE, the withholding tax is 5%). However, the Bank will reimburse the holders of the mentioned shares for a portion not exceeding 5%.
Societé Générale De Banque au Liban Yearly Financials ($B)
| Mar-15 | Mar-14 | |
| Net Loans & Advances to Customers | 3.76 | 3.19 |
| Deposits from Customers | 11.36 | 10.41 |
| Total Assets | 15.05 | 13.38 |
| Total Shareholders’ Equity | 1.16 | 1.06 |
| Net Profit ($M) | 40.00 | 40.00 |
Source: MIDCLEAR