The Extraordinary General Assembly of Lebanon’s Blom Bank has approved an increase to its tier one capital by 10 percent.

The increase is equivalent to $261.94 million and will be made through cash contributions to capital in dollars, the bank said in a statement.

In November 2019, the Central Bank of Lebanon instructed local lenders to raise their capital by 20 percent by the end of June 2020.

(Reporting by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020