Bank of Beirut goes to Ivory Coast

Bank of Beirut (BoB) said it has decided to establish a bank in the Ivory Coast with an initial capital of 15.25 million euros ($18 million).

BoB will first found a subsidiary company with a capital of EUR15,250 that will be later converted into the new bank, according to a BoB statement.

The bank said that the board of directors has mandated the chairman or any other person appointed by him to implement this decision. Salim Sfeir is currently BoB’s Chairman and CEO.

The bank already has representative offices in the two African countries of Nigeria, and Ghana.

BoB is also present in Australia and Germany through subsidiaries. It has branches in Cyprus and Oman, and a representative office in the United Arab Emirates.

The bank’s total assets and shareholders’ equity stood at $17.6 billion and $2.3 billion respectively at the end of June. BoB’s major shareholder is Luxembourg-based International Century Corporation which holds a stake of 24.4 percent.

The implementation of the decision requires the approval of the Central Bank(BDL).