BLC Invest: No more
Folded into BLC Bank
To focus more
on commercial banking
BLC Invest has been absorbed by BLC Bank, part of the Fransabank group.
“All outstanding activities of BLC Invest are now assumed by BLC Bank,” the bank said.
The bank said in a statement that it is concentrating on commercial banking activities and for this reason, it has absorbed all of the assets and liabilities of BLC Invest. It said that it has provided continuity to all BLC Invest employees who have expressed a wish to stay on.
A person familiar with the matter said that BLC Bank does not see the need for this unit anymore because the Fransabank group already has an investment arm, Fransa Invest Bank. But BLC’s management has denied this statement.
BLC Invest, whose total assets stood at $25.5 million at the end of 2015, is practically fully owned by BLC Bank.
Almost 69 percent of BLC Bank’s capital is owned by Fransabank and around six percent is held by Fransa Invest Bank. Maurice Sehnaoui’s Holding owns a stake of 18 percent. The Fransabank group is mainly owned by brothers, Adnan and Adel Kassar, who each hold a stake of 39.6 percent of the group’s common shares.
Reported by Shikrallah Nakhoul
Date Posted: Dec 09, 2016