Lebanon Businessnews News

New investment bank
$30 million initial capital, to be increased
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LIBank, a new Beirut-based specialized bank, was launched this week after gaining the Central Bank’s approval on August 30.

LIBank, short for Levant Investment Bank, is located in Beirut’s Downtown within Starco building.
The bank specializes in investment banking. “We will offer private equity and financing solutions for corporate and individual clients,” said Jean Tawile, head of business development at the bank. The bank will also be offering advisory for mergers and acquisitions.

Tawile said services will be tailored to the needs of clients: “We are going to help clients to reach their financing goals through solutions developed upon their needs.”

LiBank has an initial capital of $30 million. “We hope to increase this amount through issuing new shares in 2013,” Tawile said. He said the bank is already working on a number of deals that will be finalized in a couple of months, including one targeting SMEs.

LiBank’s chairman and cofounder is Anthony Ghorayeb, former director at the International Chamber of Commerce in Beirut. Salim Chaar is LIBank’s CEO. He has over 30 years of experience in banking and asset management. Ghorayeb and Chaar are both founding members of the Levant Business Union.

The shareholders also include Doha-based Salam International Investments (SIIL) which owns a ten percent stake. Other shareholders include businessmen and corporations from Lebanon and the Gulf.
Reported by Hanadi Chami
Date Posted: Sep 11, 2012
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