No. 17



Credit Libanais Buys American Express Bank Unit

Credit Libanais, one of Lebanons top 10 banks, has signed an agreement to acquire the total assets and liabilities of the American Express Bank unit, according to a statement released by the Credit Libanais on 12 April. The acquisition will be presented to the Central Bank of Lebanon for approval. The statement left the amount of the deal undisclosed, but in 1998 American Express had assets of $40mn, according...