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Article: Bank of Sharjah acquires banking licence in Lebanon.(Banque de la Bekaa SAL)(Brief article)
- Article from:
- Middle East
- Article date:
- July 5, 2007
CopyrightCOPYRIGHT 2007 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Bank of Sharjah announced that it has completed the acquisition of Banque de la Bekaa SAL, a Lebanese bank, after obtaining the Central Bank of Lebanon and the Central Bank of the UAE's approval. The transaction represents Bank of Sharjah's first significant banking acquisition outside its home market.
Bank of Sharjah acquired all the outstanding shares of Banque de la Bekaa from Fransabank SAL for an undisclosed amount.
With this acquisition, Bank of Sharjah now holds a banking license in Lebanon to carry out a wide range of banking activities once the acquired bank is renamed and recapitalized. The operations of Banque de la Bekaa's have been fully ...