VOL. XLI

No. 48

30-November-1998

LEBANON

Lebanons Central Bank Approves Merger Of Three Banks

The Central Bank of Lebanon, which has been calling for theconsolidation of the countrys crowded banking sector, on 23 November approved themerger of three small banks al-Moughtareb Bank, Unibank and National Trust Bank.The newly formed bank, the United Bank of Lebanon (UBL), will be capitalized at $57mn and70% owned by the ARK Financial Group, with Lebanese businessman Muhammad Safadi holdingthe...