Four banks bidding for local HSBC branches. Fransabank, BLF, BLOM, and Audi have been prequalified

Four banks bidding
for local HSBC branches
Fransabank, BLF, BLOM, and Audi have been prequalified
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Fransabank and BLF are among the banks seeking to acquire the local operations of HSBC, according to a source close to the deal.

BLOM Bank and Bank Audi are also competing for the deal. HSBC has prequalified four banks only.

The banks are not creating consortia to acquire HSBC Lebanon as groups, so only one bank will win the deal, which is still at the negotiation stage and requires the approval of the Central Bank, the source said.

The move is part of HSBC Holdings’ plan to sell non-profitable businesses worldwide.
The London-based international bank, which entered the Lebanese market in 1946, has a local staff of 200 working in offices in Dora, Ras Beirut and St Georges Bay.
Reported by Shikrallah Nakhoul
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Date Posted: May 04, 2016