Lebanon’s BLOM BANK has agreed to acquire the assets and liabilities of HSBC’s Lebanese operations for an undisclosed sum.

HSBC Bank Middle East Limited – Lebanon has been operating in Lebanon since 1946 and had three branches in Dora, Ras Beirut and St Georges Bay. The unit managed about $953m in total assets as of 30 June 2016.

All existing employees in the Lebanon business will migrate to BLOM as part of the deal.

“This acquisition falls under BLOM BANK’s strategy of expanding its customer base and diversifying its assets and revenues. The transaction will help BLOM BANK expand its corporate and commercial businesses as well as its retail activities,” BLOM said.

The deal is expected to be wrapped up during the first half of 2017, subject to approval of Lebanon central bank Banque du Liban.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.