Lebanon Businessnews News

First National Bank
acquires CFH
To become investment arm
Share     Share on Facebook     Share on LinkedIn    
First National Bank (FNB) and Corporate Finance House (CFH) have completed all the administrative and legal measures needed for the implementation of the merger and acquisition contract between the two institutions, including the administrative dimension and the unified budget.

The action comes after receiving the approval of the Central Bank (BDL), the board of directors and General Assemblies of both parties.

According to the deal, CFH has been merged with the banking group FNB. Fawzi Farah, owner of 75 percent of CFH, and Karim Chamseddine, owner of a 25 percent, will have a share of 4.5 percent in the new entity. CFH will be considered as an independent investment unit with a board of directors chaired by Fawzi Farah, who will represent that board in the new entity’s board.

Through the completion of this deal, FNB Group now has an investment arm, whose structure it can develop to a licensed investment bank, when necessary.

Rami Nimr, Chairman and General Manager of FNB Group said: “Through the merger with CFH, we have a professional financial institution, which has a successful track record in financial operations, capital increase, management of Initial Public Offerings (IPOs), and management of finance operations and securities , in addition to a strong business network in the Gulf.” He said: “We will also benefit from the company’s structure as an independent platform in investment banking.”

Farah, who is the chairman of the board of directors of CFH said: “We are happy to join a successful banking group especially that this deal is in line with our belief in the importance of working within the concept of comprehensive banking.”

First National Bank is a full-service banking institution with a local network of 24 branches. FNB conducts commercial, retail, finance, and investment banking activities in the Middle East.

CFH provides specialist financial advisory services for debt and equity private placements, mergers and acquisitions, debt restructuring, family office advisory, leveraged buy-outs, divestments, IPO's, and real estate finance. In addition, CFH Group is actively engaged in private equity and real estate fund management. CFH was established in 1998 with offices in Beirut and Dubai.
Reported by Leila Rahbani
Date Posted: Dec 22, 2014
Share     Share on Facebook     Share on LinkedIn