BLC to sell Cypriot bank
to Maurice Sehnaoui
Sehnaoui to exit stake in BLC
A group of investors led by Maurice Sehnaoui is in talks with BLC Bank to buy its stake in the Cyprus-based USB Bank. Sehnaoui will in turn exit his stake in BLC Bank in favor to the Kassar family, which owns the majority of it.
BLC Bank owns 99.25 percent of USB Bank, whose shareholders’ equity stood at around $85.5 million at the end of 2016. Sehanoui holds a 23 percent stake in BLC Bank, whose equity totaled $559.8 million at the end of 2017. He owns 18.4 percent through Holding M. Sehnaoui and the remainder through another company.
Holding M. Sehnaoui holds a 17.71 percent in AstroBank, another Cypriot lender.
BLC Bank said that Sehnaoui has stepped down from his position as the bank’s Chairman and General Manager, and that the board of directors has elected Nadim Kassar to replace him. Sehnaoui has also resigned as member of the board.
The board also named Nabil Kassar as Deputy Chairman and Bassam Hassan as General Manager-CEO.
Nadim and Nabil are the sons of Adel Kassar, who owns 79.2 percent of Fransabank with his brother Adnan. Fransabank holds a stake of nearly 75 percent in BLC Bank.
Reported by Shikrallah Nakhoul
Date Posted: Jun 12, 2018