SGBL to buy two banks in France and Monaco. $183 million in combined equity

Société Générale de Banque au Liban (SGBL) said it has signed a deal with Luxembourg-based KBL European Private Bankers (KBL epb) to acquire two of its subsidiaries.

The subsidiaries are KBL Richelieu Banque Privée in France and KBL Monaco Private Bankers. The combined equity of these two subsidiaries stood at €154 million ($183 million) at the end of 2016, according to the annual report of the KBL epb group.

The move, which is part of SGBL's ...

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Additional $500 million in subsidized loans for 2017. Expatriates to benefit from subsidized loans

The Central Bank (BDL) has decided to inject an additional $500 million to the stimulus package for 2017 which aims to finance productive projects and home purchases at subsidized rates, according to BDL's intermediate circular 475.

This brings the stimulus earmarked for the current year to $1.5 billion. The $1 billion originally allocated for 2017 has already been used up.

BDL will continue to charge the banks a one percent interest rate on the additional funds if they are denomin...

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€80 million BDL-subsidized energy loans at zero interest. Financing scheme by EIB and AFD through local banks

The European Investment Bank (EIB) and Agence Française de Developpement (AFD) will provide a financing facility of €80 million ($95.8 million) through local banks to finance energy projects.

The interest rate paid by the borrowers will be near zero as the credit facility will be heavily subsidized by the Central Bank (BDL).

The facility, named Lebanon Energy Efficiency and Renewable Energy Finance Facility (LEEREFF), aims to finance small scale projects in the sector of ene...

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Saradar Bank buys half of Vitas microfinance company. Saradar aims to gain a foothold in the microfinance market

Saradar Bank said it has acquired a 49 percent stake in microfinance company Vitas SAL, a local subsidiary of the US-based Vitas Group. The transaction was valued at around $3.7 million according to a source linked to the transaction. Both Saradar and Vitas refused to confirm this figure.

In a statement, the bank said that the move will allow it to gain a foothold in the promising local microfinance market.

Vitas SAL, which launched its operations 17 years ago, has so far issued o...

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Moneylenders to get same training as bankers. Central Bank circular regulating further ‘Comptoirs de crédit’

The Central Bank (BDL) has issued a new regulation requiring certain executives in moneylending businesses to have qualifications similar to those required by people holding comparable jobs in banks and financial institutions. The prerequisites pertain to academic, technical, and ethical qualifications in specific regulated positions.

The moneylending businesses, identified by BDL as 'specialized lending entities', are known locally as 'comptoirs de crédit'. They provide small loan...

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