Nov 26 2011 |
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Banque Saudi Fransi To Sell Stakes In Syrian, Lebanese Lenders
Saturday, Nov 26, 2011
RIYADH (Zawya Dow Jones)-- Banque Saudi Fransi (1050.SA), the lender part-owned by France's Credit Agricole SA (CRARY, ACA.FR), said Saturday its board of directors decided to sell its 27% share in Bemo Saudi Fransi Syria and 10% share in Bemo Lebanon.
The lender's chairman said in a statement posted on the Saudi bourse website that the decision was made due to "the financial risks in the Arab Republic of Syria, which do not permit Banque Saudi Fransi to continue as partner."
Effective immediately, Banqe Saudi Fransi is no longer represented in the board of directors of Bemo Saudi Fransi Syria and Bemo Lebanon, the statement added.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
(END) Dow Jones Newswires
26-11-11 1919GMT
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