VOL. XXXIX

No. 16

15-January-1996

LEBANON

New Gulf-Lebanese Bank Opens In Beirut

First National Bank, Lebanon's 83rd bank, officially opened for business as a commercial bank on 1 January in its offices on West Beirut's Hamra Street. A bank official, quoted by Reuters, said that the new bank has an equity of $7mm - $5mn in capital and $2mn in cash contribution to capital - and is owned 65% by Gulf nationals and 35% by Lebanese citizens. The official, who failed to identify the...