Lebanon Byblos Bank Acquires Banque Pharaon & Chiha
May 10 2016
Byblos Bank Headquarters -Byblos Bank announced that it has completed the acquisition of 99.18% of the shares of Banque Pharaon & Chiha. The shares were mainly acquired following the assignment by Messrs. Raymond Samir Zina Rahmeh and Teddy Samir Zina Rahmeh (collectively known as ZR Group) to Byblos Bank of their shares and rights under share purchase agreements entered into with the former shareholders of Banque Pharaon & Chiha. The consideration is based on a valuation of 100% of the issued share capital of Banque Pharaon & Chiha at USD 91 million. ZR Group has received the preliminary authorization from Banque du Liban to acquire directly or through a holding company especially registered for this purpose, up to 5.6% of the common shares of Byblos Bank calculated on the basis of a share price equal to 125% of Byblos Bank 's audited book value as at 31 December 2015.