Standard Chartered sells portfolio to Cedrus
Transaction awaiting Central Bank approval
Cedrus Invest Bank confirmed the acquisition of the operations of Standard Chartered in Lebanon. “We did not announce the transaction yet, but we can say that we arrived to the final stage of the deal,” a source at the bank said. The transaction needs the approval of the Central Bank before being announced.
Cedrus Invest Bank started its operations in Lebanon in 2011. The bank’s range of services includes wealth management, debt structuring through various funding tools, and asset management. The bank’s assets exceed $400 million.
The bank’s Chairman is Ghassan Ayache, former Vice Governor of the Central Bank. He also worked with Bank Audi, mainly in the establishment of the bank’s Qatar operation. General Managers are Raed Khoury, who worked previously with Audi Bank and International Barclays Bank, and Fadi Assaly, who worked with SGBL, Audi Bank, and Barclays.
Standard Chartered Lebanon operates through its main office and branch in Dbayeh, in addition to two branches in Verdun and Ashrafieh. It has 120 employees.
Reported by Leila Rahbani
Date Posted: Jun 18, 2014