gains banking license
To execute growth
strategy in activities and scope
The final step to transform local financial company Lucid Investments into a licensed bank has been approved by the Central Bank (BDL). The corporation will now operate under the name of Lucid Investment Bank. The specialized bank has increased its capital to LL30 billion ($20 million). The approval follows BDL’s keenness for a widening of funding solutions beyond the usual classic credit facilities provided by commercial banks.
Established in 2003, Lucid will continue its core business of serving its portfolio of primarily local and diaspora high-net-worth individuals (HNWI), in terms of their personal wealth and their corporations across the MENA and Africa itself.
“Having a banking license will help us to provide better services than we would be able to operating as only a financial institution. We can now widen our pure banking services to offer a one-stop-shop approach for HNWI and their companies,” Wael El Zein, Chairman of Lucid Investment, said.
The bank has 15 shareholders and nine board members.
Reported by Derek A. Issacs
Date Posted: Jan 05, 2017