The bank will expand locally and globally
Cedrus Invest Bank will increase its equity from $60 million to $110 million, through a share issuance. “We are in the process of finalizing all related measures by the end of this year or by next January,” said Fadi Assali, Founder and Co-Chief Executive Officer of the bank. “The equity increase started a couple of months ago,” he said.
The main purpose of the bank’s equity increase is to support an expansion plan in the local market and abroad. “Through the acquisition of Standard Chartered operations in Lebanon, a deal that is still underway, we will offer full-fledged services, including retail, corporate, and investment banking,” said Assali. Cedrus confirmed the acquisition of Standard Chartered in June 2014.
“We are looking to expand globally during the upcoming three years, in high jurisdiction locations like Switzerland and UK, which have historically gained the confidence of investors”, he said.
Assali said that Switzerland is in the main scope of future expansion. “Our presence there may be through a representative office and not a branch, although a final decision is not ready yet,” he said.
Cedrus Invest Bank provides wealth management, multi-family office, capital markets and brokerage services, and investment banking services. The bank has more than $400 million assets under management. It operates through its main office in Ashrafieh and has 30 employees.
Reported by Leila Rahbani
Date Posted: Dec 11, 2014