VOL. XL

No. 29

21-July-1997

LEBANON

Two Mergers On The Beirut Banking Scene

Banque Audi announced on 10 July that it had acquired all the shares in CréditCommercial du Moyen-Orient (CCMO) for an estimated $50mn. CCMO, which currently has anetwork of eight branches and assets worth LL340bn ($220.8mn), accounts for an 0.85%market share according to a statement from Banque Audi. The statement also said that Dr.Georges Achi, who is the Chairman and General Manager of CCMO, will remain on the new...