Lebanon Opportunities

MONEY & BANKING

HISHAM ITANI AND INVESTORS BUY STAKE IN CRÉDIT NATIONAL

and other investors have acquired 73 percent of Banque de Crédit National (BCN). The bank is in the process of increasing its capital by $30 million to a total of $45.6 million. The capital hike will be and and . The shares were acquired from a number of shareholders including members of the Zein family, such as and former Chairman and General Manager of BCN . New shareholder has been appointed as Chairman and General Manager of BCN. In 2017, Bank of Beirut announced that it had sought to acquire all of BCN’s shares but that its talks with the bank’s shareholders did not succeed. BCN is involved in treasury and financial market activities and corporate and personal banking, as well as banking for small and medium enterprises (SMEs).

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