VOL. XLII

No. 22

31-May-1999

LEBANON

Byblos And BLC Merger Cancelled

Byblos Bank痴 acquisition of a 53% stake in Banque Libanaisepour le Commerce (BLC) has officially been called off, according to a reportfrom AFP on 26 May. Speculation about whether or not the merger wouldtake place began this month when Byblos reportedly accused BLC of delaying thesubmission of its 1998 accounts, on which part of the merger agreement wasbased.

Byblos and BLC announced their decision to merge at the endof...