Rahmeh brothers exit Byblos Bank deal

Brothers Teddy and Raymond Rahmeh have not exercised the share purchase agreement to buy a stake in Byblos Bank that had been concluded following the bank’s acquisition of Banque Pharaon and Chiha last year for $91 million.

The Rahmeh brothers had received the Central Bank’s preliminary approval to acquire up to 5.6 percent of Byblos Bank’s common shares through their company ZR Group.

The brothers were given six months to exercise the acquisition right through subscription to an increase of Byblos Bank’s capital or to buy shares in the bank but they didn’t, according to Lawyer Chafik Abillama who has helped the Rahmeh brothers carry out the exit operation.

Abillama said the Rahmeh brothers have completely exited the deal and are pursuing their own business