Banking Sector News
BLOM Bank S.A.L. acquires HSBC Bank Middle East Limited – Lebanon
June 19, 2017
BLOM Bank S.A.L. announced that it has fully acquired all assets and liabilities of HSBC Bank Middle East Limited – Lebanon starting June 17, 2017 after obtaining the approval of Banque du Liban.
HSBC operated through three branches in Dora, Ras Beirut, and “Zaitunay Bay”.
BLOM Bank S.A.L. will ensure employment continuity to all HSBC Bank Middle East Limited – Lebanon employees. BLOM Bank S.A.L. is also committed to assist its old and new clients in their financial needs with the full support of its qualified team.
This acquisition falls under BLOM Bank S.A.L.’s strategy of expanding its customer base and diversifying its assets and sources of revenue. The transaction will help BLOM Bank S.A.L. expand its Corporate and Commercial businesses as well as its Retail activities.