Financial and Banking News

REGIONAL BANKING

IBI Group Acquires Banque Wedge Banque

Wedge, the Paris-based subsidiary of Wedge Bancorp, owned by the prominent Lebanese entrepreneur Mr. 'Isam Fares, has been sold to the IBI Group, whose principal shareholder is Mr. Akram Ojjeh through his TAG Group. Banque Wedge was sold for an unspecified amount of stock in the IBI Group, and Mr. Fares remains on its board of directors. The bank's senior management remains unchanged.

The...