Financial and Banking News
Lebanese Bank Withdraws from Saudi Joint Venture Bank
The Banque du Liban et d'Outre Mer of Lebanon has sold its 250,000 shares inthe Saudi joint-venture bank United Saudi Commercial Bank (USCB) for a totalvalue of SR297.5mn ($79.3mn) at an average price of SR119 per share. Thefounding shareholders of USCB have reportedly bought the shares of the Lebanesebank. Before this sale, USCB was owned 60% by Saudi nationals, and...