Jan 15 2020 - 12:59
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Lebanon's BLOM Bank approves 10% capital increase -statement

Lebanon's BLOM Bank has approved the terms and conditions Lebanon, news ,lbci ,أخبار Economy, Bank,Lebanon,Lebanon's BLOM Bank has approved the terms and conditions
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Lebanon's BLOM Bank approves 10% capital increase -statement
Lebanon News

Lebanon's BLOM Bank has approved the terms and conditions of an increase to its tier one capital by 10%, an amount equivalent to $261.94 million, it said in a statement on Wednesday.

 

Lebanon's central bank instructed banks in November to raise their Common Equity Tier 1 capital, a key measure of financial strength, by 10% through cash injections by the end of the year and a further 10% by June 30 this year.

 

BLOM Bank's increase would be made through cash contributions to capital, the statement said.

 

The central bank's directive for Lebanese banks to increase equity comes amid a deep financial crisis in the country.

 

 

REUTERS
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