No 23



Bank Of Beirut Takes Over Beirut Riyad Bank

Under an agreementsigned on 29 May, Bank of Beirut has acquired the ailing Beirut Riyad Bank in a deal approved by the Central Bank ofLebanon (CBL), which has been encouraging the merger of small and medium-sizedbanks. Bank of Beirut has reportedly not made any cash payment to the mainshareholders of Beirut Riyad Bank, whose shares willsimply change hands in return for real estate assets allocated to these...