Lebanon-based Fransabank has reportedly reached a preliminary agreement with Jordanian Ahli Bank to buy Ahli International Bank operations in Lebanon, in a transaction worth more than $100m.

The proposed acquisition is expected to bolster the position of Fransabank in Lebanon while strengthening its market share.

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A banking source was quoted by The Daily Star as saying, “Ahli Bank has been seeking a buyer for quite some time.”

“Byblos Bank made an offer at the beginning of the year but the talks reached an impasse when both parties failed to agree on a final price.”

The anonymous source further added that Ahli was looking for a price between $110m to $120m.

The share purchase agreement was signed at Fransabank headquarters in Beirut on 12 May 2014, reports The Daily Star.

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Ahli, which has been trading in Lebanon since 1961, has $800m in customer deposits.