Cedrus Invest Bank to kick start with a $44 million capital, more than 30 investors
July 20, 2011- ‘Cedrus Invest Bank’ has been introduced to the list of banks operating in the country.
More than 30 Lebanese and foreign investors have contributed to the bank’s capital which amounted to $44 million, according to a press statement. The statement said the bank’s capital is expected to rise to more than $50 million in light of a growing demand of share subscriptions.
The bank’s Board of Directors, designated by the General Assembly convened in June, had elected Ghassan Ayache, former Vice Governor of the Central Bank, as chairman. Ayache has been advisor to Audi Bank since 1993 and is member of the Board of Directors of Audi Bank – Qatar. The General Assembly appointed two board members as General Managers: Raed Khoury, worked with Audi Bank and International Barclays Bank, and Fadi Assaly, worked with SGBL, Audi Bank, and Barclays.
Cedrus Bank’s Board of Directors comprises a total of eight members distributed over three categories: Full-time members (Chairman and two General Managers), Experts, and Shareholders. Experts board members are Ghazi Yusuf, Member of the Lebanese Parliament and prominent economist and college professor, and Assad Razouk, banking expert at global bank Japanese Nomura. Shareholders board members are George Atiq, former judge and prominent Lebanese businessman in Saudi Arabia, Ibrahim Jammaz, Vice-President of Jammaz Group in Saudi Arabia, and Elias Bou Farhat, prominent Lebanese businessman in Nigeria.
The bank’s range of service will include Wealth Management, debt structuring through various funding tools, and Asset Management.
The bank’s operations will not be limited to the local market. According to the statement, Cedrus Invest intends to develop its management as well as shareholders’ network in the Levant with a focus on Syria and Iraq as well as the Arab Gulf. The bank will target the Lebanese diaspora with a focus on Africa and Latin America.
Cedrus Invest’s headquarters will be located in Sofil Center in Ashrafieh. The launching is expected before the end of this year.
Date Posted: Jul 21, 2011