Banks required to submit strategic plans. To be submitted regularly to Banking Control Commission

The Central Bank's Banking Control Commission (BCCL) has asked all banks to prepare strategic plans and related action plans, according to BCCL's circular no 292.

The banks must update these plans at least once a year and when needed. They should submit them annually to the BCCL before the end of January.

The action plans are used to execute the bank's general strategy.

The strategic and action plans must cover a period of at least three years. They should also encompas...

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Banks barred from insurance. Brokers are likely to benefit most

The Central Bank (BDL) has instructed banks and financial institutions not to engage in insurance or reinsurance activities or market and advertise insurance contracts.

Insurance companies owned by banks can continue their business operations as usual but they cannot market their deals through the banks.

BDL said that the banks and financial institutions are also prohibited from allowing representatives of insurance companies to have a work space on their premises.

A numb...

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Central Bank assets rise 16 percent. Loans to financial sector double to $12.7 billion

The total assets of the Central Bank (BDL) grew to $118.3 billion at the end of 2017, rising by $15.9 billion or 16 percent compared with a year earlier, according to BDL's data.

Deposits by the financial sector surged over the same period by $13.3 billion, or 16 percent, to $97.5 billion. The banks' deposits at BDL include a variety of items such as lira and dollar deposits, reserve requirements, and certificates of deposit (CDs).

The Central Bank's loans to the financial sec...

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Emirates NBD sells 40 percent of its BoB shares. Deal valued at $39 million

Bank of Beirut (BoB) acquired more than 40 percent of Emirates NBD's stake in the bank, valued at $39 million. It represents 2.7 percent of the bank's equity out of a total 6.5 percent shareholding. An EMIRATES NBD is a UAE-based bank.

A source at BoB downplayed the significance of the sale transfer. "It represents 1.2 percent of the bank's equity," he said. It is the first divestiture of a UAE investment from the country after the political crisis with Saudi Arabia last November. Several...

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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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