|16 January, 2020

Lebanon's Blom Bank increases capital by 10%

The increase is equivalent to $261.94mln and will be made through cash contributions to capital

A general view shows the headquarters of the Lebanese Blom Bank in Beirut, Lebanon July 9, 2018.

A general view shows the headquarters of the Lebanese Blom Bank in Beirut, Lebanon July 9, 2018.

REUTERS/Mohamed Azakir

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)

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© ZAWYA 2020

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