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)
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