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BOS renames Banque de la Bekaa Sal
- United Arab Emirates: Tuesday, May 27 - 2008 at 10:34
Bank of Sharjah announced today that it is in the process of changing the name of its wholly owned subsidiary from Banque de la Bekaa Sal Lebanon to Emirates Lebanon Bank Sal 'ELBank'. Varouj Nerguizian, Chairman and General Manager of ELBank, said the capital of the new entity will be increased to $50m plus a cash contribution of $100m in order to reach a total equity of $150m. The change of the name, the capital increase and the cash contribution were recently approved by the Central Bank of Lebanon.
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Jeff Florian, Senior ReporterTuesday, May 27 - 2008 at 10:34 UAE local time (GMT+4)
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