Financial and Banking News


Almashrek Buys Second Swiss Bank

The Beirut-based Bank Almashrek, which is controlled by the prominent Lebanese entrepreneur Mr. Roger Tamraz, has purchased the Geneva subsidiary of Banque Libanaise pour le Commerce. The Geneva bank has a different ownership from the rest of the bank's branches, which are located in Beirut, Paris and the UAE. It is capitalized at SF5mn ($3.3mn), with end-1984 assets of SF36.4mn, and was controlled by Mr....