Georges Saghbini, deputy general manager of SGBL, said that “the step is part of the bank’s strategy to create a regional platform that covers the entire Levant region.”

Saghbini refused to disclose the value of the deal, but said that SG Cyprus “is a small bank with assets of $315 million.”

He said the approval for the transaction was obtained from the Central Bank at the end of 2009.

Following the transaction, SG Cyprus will have a new strategy and a staff from Lebanon will be deployed to Cyprus “if needed”, said Saghbini.

SGBL is planning to purchase another bank in line with its expansion strategy soon.

SGBL’s net profit reached $70 million in 2009 while its assets stood at $4.6 billion at the end of December 31, 09. SGBL has a local network of 42 branches.