The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Lebanon: Crédit Libanais becomes the next regional bank

EFG Hermes acquires 65% of Lebanese lender; Group to expand in commercial banking in Levant, then Africa

Hassan Heikal, EFG Hermes

"There’s no intention to change the Crédit Libanais brand. It’s a well-managed bank. We don’t want to change something that is successful"

Hassan Heikal, EFG Hermes

Audi and Blom dominate Lebanese banking, and these firms have led the regional expansion of Lebanese banks. But with the acquisition of Crédit Libanais by Egyptian investment bank EFG Hermes, this might be about to change. Hassan Heikal, chief executive of EFG Hermes, tells Euromoney that Crédit Libanais will be the vehicle for his group’s push into commercial banking across the Middle East.

"One of the things that attracted us to Crédit Libanais was its human resources, its supply of Lebanese commercial-banking talent, which can be used elsewhere in the Arab world," says Heikal.

Call option

On August 14 EFG Hermes agreed to pay $542 million for a 65% stake in Crédit Libanais. There is a call option for an additional 25%, exercisable over the next two years, at the sole discretion of EFG Hermes, and on the same terms. JPMorgan advised EFG Hermes.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree