BLOM in talks
to buy local arm of HSBC
Deal is expected
to close at $90-$100 million
BLOM Bank has confirmed that it is in talks to buy the local arm of HSBC Bank Middle East. Negotiations have not yet resulted in a closing agreement, according to sources at both banks.
The deal is expected to close at $90-$100 million.
The fate of nearly 200 local HSBC employees are at stake, said a source familiar with the subject.
Other banks vying for HSBC’s business included Fransabank, Banque Libano-Française (BLF), and Bank Audi.
The sale of HSBC Lebanon is part of London-based HSBC Holdings’ strategy to exit low profit markets around the world.
HSBC, which entered the local market in 1946, has offices in Dora, Ras Beirut, and St Georges Bay. Most foreign banks have left the country in recent years, including BNPI, Al Ahli Bank, Standard Chartered, ING, and ABN Amro.
Reported by Shikrallah Nakhoul
Date Posted: Jul 25, 2016