Société Générale de Banque au Liban (SGBL) will expand in France and Monaco as it signed a agreement with Luxembourg-based KBL European Private Bankers (KBL epb) to acquire two of its offshore subsidiaries. Project to be achieved in 2018.
The Lebanese banking sector is expanding abroad. KBL Richelieu Banque Privée in France and KBL Monaco Private Bankers are out-flagging toward a Lebaneese bank, in the framework of SGBL international strategy. The two Luxambourg banking establishment’s equity is valued at 154 million euros.
SGBL which is one of the most important banking corporates in Lebanon is already having a foot in in Cyprus, Jordan, and the United Arab Emirates. By realizing this operation, the bank is aiming at creating an international plateforme to be well positioned on the global market market.
The entities and their divisions will be renamed Banque Richelieu France, Richelieu Gestion, and Banque Richelieu Monaco. SGBL representatives said that some modifications might be introduced in the future regarding the activities of its new subsidiaries However, private banking and asset management services will continue to run.
The KBL epb group is operating private banking services in 50 cities in Europe, with assets under management that reached 51 billion euros in 2016.
By Kheireddine Batache - Source of article Econewsmed