Lebanon Businessnews News

Nicolas Ghorra buys four percent of IBL Bank
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Nicolas Ghorra, advisor to the Chairman of IBL Bank, has acquired a four percent stake in IBL Bank for around $32 million. He plans to purchase an additional three percent.

Ghorra, who also provides financial engineering services to companies in various sectors, said he will soon apply to the Central Bank (BDL) to buy the additional stake.

He said he has more than 16 years’ experience in the banking sector, which qualifies him to buy a stake of more than five percent in a bank.

Acquisition of more than five percent requires BDL’s prior approval, which is given on condition that the buyer has banking experience.

Ghorra’s four percent purchase of IBL was done indirectly through his two companies, Trade and Finance Corporation Holding, which owns three percent in the bank, and W Invest which holds a one percent stake.

Ghorra said he will become the third largest shareholder in IBL Bank among those on the bank’s payroll after Chairman Salim Habib and General Manager Kamal Abi Ghosn.

According to Bilanbanques, Habib is the major shareholder of IBL with a stake of 11.5 percent as at the end of 2015.

CreditBank is the second largest shareholder with a stake of 10.8 percent. Abi Ghosn’s interest stood at 7.3 percent at the end of 2015.

Ghorra’s family business is in real estate and manufacturing.
Reported by Shikrallah Nakhoul
Date Posted: Jun 19, 2017
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