Financial and Banking News


Almashrek Bids for Troubled US Forex Dealer

The Beirut-based Bank Almashrek has made a $50mn cash and rights offer to a US bankruptcy court to purchase the US interests of the Deak-Perera group, a long-established foreign exchange and precious metals retailer, together with its Zurich-based banking subsidiary, Foreign Commerce Bank (Foco). Bank Almashrek is offering $5mn in cash and $45mn in the form of non-voting shares in bearer form in...