Lebanese-Australian buys
five pct of Bank of Beirut

Stake acquired for $57.3 million

Sarkis Nassif, CEO of Australia-based Holdmark Real Estate Property Group, will acquire five percent of Bank of Beirut for $57.3 million.

The bank will issue 3.05 million new common shares to Nassif at the current market price of $18.8 per share, a source said.

The conclusion of the deal requires the Central Bank’s approval.

Salim Sfeir, the bank’s Chairman, said the move is part of Bank of Beirut’s expansion policy and that cooperation with Nassif “will allow us to foster further international exposure.”

Bank of Beirut’s total assets stood at $18.4 billion at the end of 2017 while its shareholders’ equity totaled $2.35 billion.

Bank of Beirut has subsidiaries and branches in a number of countries such as Australia, Oman, the U.K., Germany, and Cyprus in addition to representative offices in the United Arab Emirates, Nigeria, and Ghana.