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.