French-based Private Bank Acquired by Lebanese Bank

Contributing Editor

9 March 2006

Banque SBA, a predominately private banking business based in Paris, has been acquired by Banque Libano Francaise, a Lebanese financial services firm, which Credit Agricole has a majority stake in. Terms of the transaction were not disclosed. SBA, formerly a branch Societe Bancaire Arabe, has an office in Limassol, Cyprus and owns Financiere SBA (Suisse) in Geneva. The bank also has a branch in Damascus, Syria. The bank is involved in private banking and trade finance. SBA has shareholders' equity of €62 million ($73.9 million) and total assets of €630 million. BLF said that this acquisition is a step forward in its global and regional expansion strategy.