Lebanon’s Cedrus Invest Bank has completed the acquisition of Standard Chartered Bank’s Lebanese retail banking operations.
Standard Chartered Lebanon will now become a subsidiary of Cedrus Invest Bank and will be rebranded as Cedrus Bank. Cedrus Bank is set to increase its equity to $60m following the acquisition.
Cedrus Invest Bank is the majority stakeholder in Cedrus Bank with a 85% holding, with the remaining stake owned by the Beirut Traders Association’s head, Nicolas Chammas.
"There will be two different managements for the commercial and investment banks, and we are fully committed to separating their activities and boards of directors. However, there will always be cooperation between the two entities," said Cedrus Invest Bank co-founder and chairman Fadi Assali.
Assali said that the banks intend to offer clients a range of lending products including housing loans, subsidized loans as well as corporate loans.
About the existing staff of Standard Chartered Cedrus Invest Bank chairman Raed Khoury said, "We will retain the existing staff because we believe that their knowledge of the local and international markets will add great value to our group. We are not merging two banks together; rather we are acquiring a bank so we will need more staff."