Lebanon's Blom Bank completes acquisition of HSBC Lebanon unit

Lebanon's Blom Bank had completed its acquisition of HSBC Bank Middle East Limited – Lebanon, a wholly owned subsidiary of HSBC Holdings.

Blom said in November it would acquire the assets in the first half of this year subject to central bank approval.

Blom said in a statement it would retain HSBC staff. Terms of the acquisition were not disclosed.

HSBC had been in Lebanon since 1946 and has three branches in Dora, Ras Beirut and St Georges Bay. Blom said in November HSBC had about $953 million (£746.5 million) in assets in Lebanon as of June 30 last year.

"This acquisition falls under Blom Bank's strategy of expanding its customer base and diversifying its assets and sources of revenue. The transaction will help Blom Bank expand its corporate and commercial businesses as well as its retail activities," Blom said.

Blom is Lebanon's largest bank by market capitalisation, according to Thomson Reuters data, just ahead of Bank Audi.

Re-disseminated by The Asian Banker from Reuters

Diary of Activities
The Future of Finance, Thailand
28 September 2017 | Thailand
The Future of Finance, Philippines
06 October 2017 | Philippines
Strongest Banks by balance sheet Recognition Ceremony
17 October 2017 | Canada
FutureWealth Indonesia
21 October 2017 | Indonesia
RenminbiWorld Conference
25 - 26 October 2017 | China
China Private Wealth
25 October 2017 | China