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CFH launches a strategic partnership between First National Bank (Lebanon) and Invest Bank (UAE) |
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Written by AME info
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CFH has announced the success of a strategic partnership between First National Bank of Lebanon and Invest Bank of the UAE in a press conference in Beirut yesterday. Dec. 20, 2006- The US$ 25 million private placement resulted in Invest Bank's acquisition of 18% of the shares of First National Bank.
Fawzi Farah, Chairman of Corporate Finance House ('CFH'), explained the role accomplished by the company in achieving this partnership between the Lebanese and the Emirates bank. He stated that CFH acted as advisor, arranger, and sole placement agent for the capital increase of First National Bank.
Farah encouraged the private sector in Lebanon; and mainly the banking institutions, the insurance companies and the trade and industrial companies, to give a priority to attract Arab capitals in order to increase their capitals and to finance their expansion plans inside and outside Lebanon in order to compete.
Sami Farhat, Chairman of Invest Bank, stated that this partnership with First National Bank came to crown their, good relationship; to do so, studies took place for about nine months, confirming that this partnership would represent the cornerstone for their ambitious hopes and overseas extensions, and that it will act as a foundation for dealing with the economic challenges, and finally that it will also encourage other banks to establish with grand regional Arab banks.
Rami el Nimer, Chairman of First National Bank, started his speech by announcing the partnership, stating that the decision of Invest Bank to increase the capital of FNB confirmed the continued confidence of Arab investors in the Lebanese economy in general and in the Banking Sector in particular post the July 2006 events that the country went through. He added that the success achieved by FNB during the last five years provided the basis to attract a strategic institutional partner like Invest Bank. He then declared that this partnership was one step forward within the strategic plan for the continued growth of the Bank as well as its expansion in Lebanon and the region in order to offer the best banking services ever.
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