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FRANSABANK announced that it has concluded the process of selling all the shares of Bank of Bekaa to Bank of Sharjah, after the banking operations has been fully transferred to FRANSABANK as part of the agreement with the consent of both the Central Bank of Lebanon and the Central Bank of UAE. Deputy Chairman Mr. Adel Kassar quoted during the signing of the agreement that was held in Beirut in the presence of Mr. Farouj Nerkisian, General Manager of Bank of Sharjah: "Bank of Sharjah is the largest bank in the Emirate of Sharjah and is prominent for the quality of its assets and high capitalization and liquidity rates. This acquisition is its first cross border operation that falls within the Bank’s expansion strategy in the Middle East”. Kassar added: "We are very pleased that this process has taken place in light of the unfortunate prevailing circumstances in Lebanon, thus confirming the firm confidence of our Arab brothers in Lebanon's future and in the ability of its people to overcome all obstacles. It further reflects their confidence in the Lebanese banking sector which succeeded to grow and develop both locally and regionally, and to consolidate its financial strength despite all the security and political confrontations that marked Lebanon's modern history.”
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