Four banks bidding for local HSBC branches. Fransabank, BLF, BLOM, and Audi have been prequalified

Fransabank and BLF are among the banks seeking to acquire the local operations of HSBC, according to a source close to the deal.

BLOM Bank and Bank Audi are also competing for the deal. HSBC has prequalified four banks only.

The banks are not creating consortia to acquire HSBC Lebanon as groups, so only one bank will win the deal, which is still at the negotiation stage and requires the approval of the Central Bank, the source said.

The move is part of HSBC Holdings' plan ...

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Prepaid cards, bearer shares prohibited by Central Bank. In effort to combat money laundering

The Central Bank (BDL) has issued a ruling prohibiting banks from issuing or marketing prepaid cards. The decision also applies to other institutions that issue credit and loyalty cards.

The move is part of BDL's efforts to combat money laundering. The ruling pertains to anonymous cards, which could be easily used for money laundering purposes, the source said.

BDL gave the concerned parties till Sept. 30, 2016 as the deadline to take the necessary measures to settle the problem of...

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Prepaid cards ended by the Central Bank. Part of efforts to combat money laundering

The Central Bank (BDL) has issued a ruling prohibiting banks from issuing or marketing prepaid cards. The decision, released through intermediate circular 415, also applies to other institutions that issue credit and loyalty cards.

The move is part of BDL's efforts to combat money laundering, said a banking source. The ruling pertains to anonymous cards, which could be easily used for money laundering purposes, the source said.

BDL gave the concerned parties till Sept. 30, 2016 as...

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e-Payment security by Bank Audi. Two services developed with MasterCard and Visa

Bank Audi launched services that provide e-commerce and mobile commerce security tools, in partnership with MasterCard and Visa.

Randa Bdeir, Group Head of e-Payment Solutions and Card Services at the bank, said that the bank developed two new services, 3D Secure and Tokenization, to protect cardholders and merchants.

She said: "The 3D Secure service is designed to increase the security level of transactions when shopping online, while protecting both the cardholder and the merchan...

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Torbey camp prevails in sale of Credit Libanais. EFG Hermes to sell 63 percent share for $492 million

The Egypt-based EFG Hermes said its board has approved the sale of its 63.7 percent stake in Credit Libanais for a total of $492.2 million. Credit Libanais Investment Bank (CLIB) has arranged the sale of 9.41 million shares, representing 40 percent of the bank's capital to Lebanese and Arab investors. At this valuation, the price comes close to book value.

Bank Chairman, Joseph Torbey, was able to raise the required amount for acquiring the stake, according to a source close to the deal. ...

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