Beirut (APD) - Groupe Mediterranee, the Lebanon-based group of banks owned by the late Lebanese premier Rafik Hariri, announced last week that the group will merge Allied Bank and the Saudi Lebanese Bank with Banque de la Mediterranee, the Beirut-based International Fairs & Promotions (IFP) reported on its website last week.
"There is a need for an internal reorganization of Banque de la Mediterranee especially after its drop from the third largest bank in terms of market share to the ninth," said Mohamed Hariri the new General Manager of Groupe Mediterranee.
Banque de la Mediterranee was established in 1944. By December 2001 its shareholders equity base had grown to $438 million making it the most highly capitalized bank in Lebanon.
Saudi Lebanese Bank, Banque de la Mediterranee and Allied Bank (the most recent addition to Groupe Mditerrane, acquired in November 2001),operate a combined network of 48 local branches in Lebanon.
The newly appointed Lebanese Prime Minister Fouad Siniora, a close friend of late Rafik Hariri,was also chairman and managing director of Groupe Mediterranee which also owns Banque de la Mediterranee (Suisse) and a majority share in MedGulf (Mediterranean and Gulf Insurance and Reinsurance Company). [SN-PC]
APD (Arab Press Digest) 2005
