SGBL finalizes the project of acquisition of certain assets and liabilities of the Lebanese Canadian Bank (LCB)
| The Board of Directors of SGBL submitted, in March 2011, a buying offer – subject to the conditions hereunder - of certain assets and liabilities of the Lebanese Canadian Bank (LCB), which was approved on March 8, 2011 by the Central Bank of Lebanon. |
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A preliminary review process of accounts and transactions has been implemented by the Higher Banking Commission, SGBL, the high monetary authorities, as well as three international audit firms, in order to ensure the strict conformity of the acquired assets and liabilities with international standards and compliance rules of SGBL and Societe Generale, its minority shareholder.
SGBL confirms that this reviewing process will continue in an in-depth and transparent manner, in coordination with the relevant local and international authorities. The validity and efficiency of said process will be also ascertained by an independent audit firm.
The meeting of the Board of Directors of SGBL held on June 21, 2011 unanimously approved the project of acquisition of certain assets and liabilities of LCB. Such project will be submitted in the upcoming days for the approval of the Central Bank of Lebanon.
“This transaction is fully in line with SGBL Group’s development strategy in Lebanon and abroad” stated Antoun Sehnaoui, SGBL’s Chairman and CEO. “It ensures SGBL strong operational synergies, particularly in the interconnection of its network, as well as the complementarity of its products and clients, whether individuals, companies or institutions. We intend to leverage substantial synergies with our business lines and subsidiaries to the best satisfaction of the expectations of our clients and partners. I am confident that both the professionalism of every employee and the know-how and international expertise of the SGBL Group will be key factors to the success of this operation".
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About SGBL
SGBL Group provides a comprehensive and personalized range of universal banking services, in addition to specialized financial services catered to all client categories. The Group has three business lines:
- Retail banking
- Corporate banking
- Private Banking
www.sgbl.com
SGBL Group consolidated key figures as at 31.12.2010 are summarized as follows:
• Total Assets: USD 5.1 billion
• Total Deposits: USD 4.060 M
• Net Profit: USD 85.62 M
• Total Loans: USD 1.411 M
• ROE: 21.76%
• 1,353 employees, 66 branches
Beirut
22-06-2011
SGBL
Société Générale de Banque au Liban
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