Bank charge

Emirates 24/7 notes the latest banking aquisition:

Emirates Lebanon Bank, a fully-owned subsidiary of Bank of Sharjah, and BNP Paribas said they have filed for regulatory approval in relation with their contemplated partnership in Lebanon.

As per agreements, which remain subject to the approval of the Central Bank of Lebanon, the Abu Dhabi-listed bank will acquire through its Lebanese subsidiary, Emirates Lebanon Bank (previously Banque de la Bekaa), and the activities of the Lebanese branch of Banque Nationale de Paris Intercontinentale, a fully-owned subsidiary of BNP Paribas.

Emirates Lebanon Bank will be 81 per cent-owned by Bank of Sharjah with BNPI France holding the balance of 19 per cent.

Financial details of the planned deal were not disclosed. A collaboration agreement between the Lebanese bank and BNP Paribas at the level of private banking and asset management is being considered.

Through this acquisition by Emirates Lebanon Bank, clients will be able to benefit from a continuing relationship with their bank as well as an enhanced offering of products and services.