Bank of Beirut buys Luxembourg bank
2018-11-13
Assets of acquired bank total $291 million

Bank of Beirut (BoB) has signed an agreement to acquire Fortuna Bank, a Luxembourg retail financial institution with total assets of €257.1 million ($290.5 million) as of the end of 2017. Fortuna’s portfolio of loans to customers increased six percent to nearly $229 million last year.

The conclusion of the deal requires the approval of the Central Bank (BDL) and of European regulators, according to a joint statement released by the two banks. 

Fortuna Bank’s top management and employees will remain in their jobs, and personnel will be increased in the future for organic growth purposes, the statement said. The bank has 26 employees.

Salim Sfeir, Chairman of BoB, said that they will preserve Fortuna Bank’s established practices while providing it with the means and know-how to develop its operations and explore new prospects. 

Reported by Shikrallah Nakhoul
Source : Businessnews
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