The deal is estimated at $60 million.

The purchase transaction was about 50 percent cash financed with the remaining price being settled in an exchange of shares process representing some 20 percent of FNB’s ownership, to the benefit of Salah Osseiran, CFC’s largest shareholder.

FNB acquired the stake from Business Projects Company after the latter’s plan to swap its stake in CFC for a stake in the bank was rejected by the Central Bank.

CFC started operations in 2000. It has assets of $80.4 million, liabilities of $70.4 million, and shareholders’ equity of $23.5 million.