Lebanese lender BLOM BANK has completed the acquisition of assets and liabilities of HSBC’s Lebanon operations for an undisclosed sum.
The move comes following receipt of approval from Lebanon’s central bank Banque du Liban.
HSBC Bank Middle East Limited – Lebanon, a subsidiary of British banking group HSBC, comprises three branches in Dora, Ras Beirut, and Zaitunay Bay.
Employees of the HSBC Lebanon operations would be retained as part of the deal.
BLOM said that the transaction, announced in November 2016, is part of its plan to expand its customer base, diversifying assets and revenue sources.
“The transaction will help BLOM BANK S.A.L. expand its Corporate and Commercial businesses as well as its Retail activities,” BLOM stated.