BDL Approved Credit Libanais Stake Sale
The Lebanese Central Bank (BDL) approved on the first of June 2016, the request of Credit Libanais Bank to sell 2.7M shares of EFG Hermes stake in the Lebanese Bank to the Bahraini Holding CIH S.A.L and another part (30,303 shares) to the board member, Sarkis Demerjian. As a result, the Bahraini group’s total stake in Credit Libanais increased from 23.52% to 35.06%.
It is worth noting that EFG Hermes had previously delegated the Chairman, Joseph Tarabay to sell their whole stake in the Lebanese Bank, equivalent to 14.92M shares, however, Mr. Tarabay succeeded in selling 9.41M shares so far.
Credit Libanais Financials (LBP B)
| 2010 | 2011 | 2012 | 2013 | 2014 | |
| Revenue | 558 | 600 | 630 | 666 | 706 |
| Net Loans | 3,728 | 4,239 | 4,586 | 5,121 | 5,381 |
| Total Deposits | 8,650 | 9,636 | 10,627 | 10,968 | 12,164 |
| Net income available to common shareholders | 111 | 94 | 88 | 99 | 91 |
Source: Reuters
