BoS completes Banque de la Bekaa acquisition

DUBAI — Bank of Sharjah (BoS) announced that it has completed the acquisition of Banque de la Bekaa SAL, a Lebanese bank, after obtaining approvals from the Central Bank of Lebanon and the Central Bank of the UAE.

By A Staff Reporter

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Published: Thu 5 Jul 2007, 8:54 AM

Last updated: Thu 16 Nov 2023, 9:19 AM

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.

Bank of Sharjah now holds a banking licence in Lebanon to carry out a wide range of banking activities once the acquired bank is renamed and recapitalised. The operations of Banque de la Bekaa's have been fully transferred to its previous owner Fransabank as part of the acquisition deal.

Bank of Sharjah, the largest financial institution in the emirate of Sharjah, intends to gradually build its franchise throughout the Middle East region. It has chosen Lebanon as a platform for the future Levant operations. The bank's total assets reached $2.1 billion with a total equity of $571 million and net profit of $87 million in 2006.

During the signing ceremony in Beirut Varouj Nerguizian, general manager of Bank of Sharjah, thanked MM Adnan and Adel el Kassar, chairman and deputy chairman of Fransabank, as well as the team of Banque de la Bekaa for the collaboration.

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