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FRANSABANK increased its share and position in Lebanon after acquiring the highly coveted BLC bank for USD 153 million. FRANSABANK acquired 97.52% of the shares of BLC, one of the oldest banks in Lebanon with a total balance sheet of USD 1,746 million, total deposits of USD 1,446 million, and 40 branches (5 of which are non-operational). This approval is preliminary pending the final approval of the Central Bank of Lebanon.
Chairman Adnan Kassar of FRANSABANK quoted: “We thank Qatar Investment Authority and its subsidiaries for their approval of our offer to purchase their shares in BLC”. This acquisition is the most lucrative acquisition of FRANSABANK to date and it will likely strengthen the position of the bank in the local market. “This acquisition affirms our confidence in both banking sector and the Lebanese economy”, Kassar stressed.
The last couple of years were marked by a quantum leap in FRANSABANK’s expansion strategy. This comes in line with the Bank’s overall business strategy which partially aims, and at the local level, at developing and increasing its organic growth either by expanding the Bank’s business activities or by enriching its overall geographic expansion in the Lebanese territories. On the other hand, the Bank’s strategy focuses on concluding selective Merger & Acquisitions operations in the local market. BLC is the fifth acquisition by FRANSABANK over the past few years whereby it has previously acquired Banque Tohmé, Universal Bank, United Bank of Saudia and Lebanon and Banque de la Békaa. As for its international expansions strategy, the Bank focuses on expanding to selective, potential world markets. This is concretely unfolded through the current Bank’s presence in France, Algeria & Sudan; and through its prospective presence in Syria and Libya (through a representative office) by the end of the current year, and in Belarus, Turkey and Iraq in the first half of the year 2008.
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