On December 2, 2017, Société Généralede Banque au Liban announced an agreement to acquire KBL European Private Bankers’ French and Monegasque operations.
Under the terms of the Agreement, Société Généralede Banque au Liban (“SGBL”) will acquire KBL Richelieu and KBL Monaco operations of KBL European Private Bankers’ (“KBL”). As a result of the transaction, a new group, Compagnie Financière Richelieu will be formed and owned 100% by SGBL. The terms of the acquisition were not disclosed. The transaction is expected to close in the first half of 2018, subject to regulatory approval.
SGBL, headquartered in Sin El Fil, is one of the largest banks in Lebanon and offers a variety of asset management, corporate banking and investment services. SGBL has approximately €18 billion in assets under management.
KBL, founded in 1949 and headquartered in Luxembourg, offers private banking and asset management services throughout Europe.
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