Lebanese-Australian buys five pct of Bank of Beirut. Stake acquired for $57.3 million

Sarkis Nassif, CEO of Australia-based Holdmark Real Estate Property Group, will acquire five percent of Bank of Beirut for $57.3 million.

The bank will issue 3.05 million new common shares to Nassif at the current market price of $18.8 per share, a source said.

The conclusion of the deal requires the Central Bank's approval.

Salim Sfeir, the bank's Chairman, said the move is part of Bank of Beirut's expansion policy and that cooperation with Nassif "will allow us to foster f...

Article details

Government plans $700 million bond issue. Move to unlock $4 billion in funding for infrastructure

The government plans to issue within one month special bonds on the local market in order to raise $700 million, said Nadim Munla, senior adviser to the Prime Minister.

This move will help the State unlock additional funding of $4 billion for 40 infrastructure projects from international financial institutions such as European Investment Bank and the World Bank. The $700 million represents the local contribution necessary to unlock these loans.

There has been an agreement between ...

Article details

Fransabank to lend $150 million for energy. Bank will issue ‘green’ bonds

Fransabank plans to launch a $150 million program to finance local projects in the renewable energy sector and that targets energy efficiency, said Adnan Kassar, the bank's Chairman. "This is part of Fransabank's Green Strategy," he said.

The issuance of the first series of the program's 'Green Bonds' will be announced soon and will amount to $60 million, he said.

The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) will subs...

Article details

Banks required to apply the Liquidity Coverage Ratio. Decision is part of Basel III requirements

The Central Bank (BDL) has instructed banks to apply the Liquidity Coverage Ratio (LCR) on their local and overseas operations, according to a new basic circular.

The LCR, which is one of the Basel III requirements, must be calculated separately for each significant currency. A currency is considered significant if it represents five percent or more of a bank's total liabilities.

According to the circular, BDL's Banking Control Commission (BCCL) will issue the relevant instructions...

Article details

European Bank, IFC will invest $100 million. Targeting capital markets, bonds, SMEs

This year, the International Finance Corporation (IFC) and European Bank for Reconstruction and Development (EBRD) are preparing to launch investments in the financial sector.

Saad Sabra, IFC Country Head in Lebanon, Syria, and Yemen, said: "This year, we have in the pipeline local projects that will exceed $100 million with the goal to enhance the capacity of capital markets to allow more access to finance to investors."

The IFC is targeting investments in capital markets, such as...

Article details