Byblos plans capital increase

Bank to hold general assembly on December 12

Byblos Bank invited its shareholders to an extraordinary general assembly meeting slated for December 12. The meeting's agenda includes the discussion and approval of a plan to increase the bank’s capital through a subordinate loan of $300 million. The loan is backed by bonds which could be converted to shares.

Byblos Bank published encouraging results in the first nine months of 2012. Net profits reached $123 million. Assets totaled $16.9 billion at end-September. Customers’ deposits grew by 4.2 percent, to $13.4 billion. Total loans amounted to $4.1 billion, up by 3.2 percent.

Byblos Bank currently operates around 78 branches locally.