BLOM BANK signs agreement to acquire HSBC Bank Middle East limited - Lebanon
16 November 2016
BLOM BANK announced today that it has signed an agreement to acquire the assets and liabilities of HSBC Bank Middle East Limited – Lebanon subject to regulatory approval from Banque du Liban on the transaction which is expected to be completed during the first half of 2017.
As of June 30th, 2016, HSBC Bank Middle East Limited had 3 branches in Lebanon and approximately USD 953 million in total assets.
This acquisition falls under BLOM BANK’s strategy of expanding its customer base and diversifying its assets and revenues. The transaction will help BLOM BANK expand its corporate and commercial businesses as well as its retail activities.
BLOM BANK will ensure employment continuity to all HSBC current employees and is committed to a smooth transition for all clients.