Byblos did not disclose how much it paid for its new African subsidiary which was rebranded to Byblos Bank Democratic Republic of Congo (Byblos DR Congo) following the acquisition, the bank said.

Byblos is now present in 12 countries in three continents in Europe, Africa, and the Middle East. It plans to obtain 40 percent of its profits and assets from international operations in the next few years.  

"The bank aims through this acquisition to support the Lebanese diaspora in Africa through financing their projects," said Byblos’s Chairman, Francois Bassil.

Bassil said that Byblos also aims “to provide support to Arab and foreign investors in Congo in their development projects in various domains, and it aims to expand its clientele base as well.”

The new bank will act as an independent subsidiary of Byblos, and it will offer consumer and investment banking services, and trade finance. It will provide loans to large institutions, as well as individuals.