EFG Hermes acquired a controlling interest in Crédit Libanais towards the end of 2010 in a pursuit of diversifying and streamlining the Group’s revenue stream. The acquisition was immediately earnings accretive. Crédit Libanais continues to contribute positively to the Group’s bottom-line.
Crédit Libanais is the 9th largest bank in Lebanon, with Total Assets of around USD 8.1 billion by the end of September 2013, Loans of USD 2.5 billion, and Deposits of USD 7.0 billion. It is also the largest mortgage lender in Lebanon. Crédit Libanais continues to gain market share in a very competitive environment. It is a highly liquid institution with a loans-to-deposit ratio of 36.1%, up from 29.3% back in 2010 before it was acquired.
Its lines of business include Corporate Banking, Retail Banking, SME Banking, Private Banking, Leasing, and Asset Management.
Crédit Libanais has 66 branches in Lebanon; a full banking license in Senegal with one branch in Dakar; two branches in Iraq, one in Baghdad and one in Arbil; one branch in Bahrain and one in Cyprus; and a representative office in Canada.
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