BOS Lebanon

[sharewadi]

Bank of Sharjah's subsidiary Emirates Lebanon Bank, is teaming up with BNP Paribas to acquire the BNP subsidiary in Lebanon. I think. It's a bit of a muddled press release from BOS. The actual press release is dated 23 June 2008, but was on the ADX website yesterday 22 June 2008. Oddly, despite the BOS board meeting not taking place until 22 June 2008, the date on the fax sent to the ADX is 20 June 2008 .

BOS shares were up 1.6% to AED 3.09 yesterday, in light trading. BOS share price hasn't done anything much for the past couple of months - hovering around AED 3.10 with very little trading (volumes lower than 1 million shares per day - many days only tens of thousands of shares traded), except for 18 May 2008 when over 30 million shares were traded.

ADX 22 June 2008:

(BOS) Bank of Sharjah and BNP Paribas in regulatory filing for partnership in Lebanon

Press Release 20 June 2008:

Bank of Sharjah and BNP Paribas in regulatory filing for partnership agreement in Lebanon Emirates Lebanon Bank SAL, a fully-owned subsidiary of Bank of Sharjah (BOS), and BNP Paribas, have announced that they are in the process of filing for regulatory approval in relation with their contemplated partnership in Lebanon. As per agreements entered into between the parties and which remain subject to the approval of Banque du Liban (Central Bank of Lebanon), the UAE-based bank will be acquiring through its Lebanese subsidiary, Emirates Lebanon Bank SAL (previously Banque de la Bekaa SAL), the activities of the Lebanese branch of Banque Nationale de Paris Intercontinentale (a fully-owned subsidiary of BNP Paribas). Emirates Lebanon Bank SAL will be 81% owned by Bank of Sharjah with BNPI France holding the balance of 19%. A collaboration agreement between the Lebanese bank and BNP Paribas at the level of private banking and asset management is also being considered. Through this acquisition, clients will be able to benefit from a continuing relationship with their bank as well as an enhanced offering of products and services. Management of operations will continue to be handled by staff seconded from BNP Paribas, while existing employees will be awarded a 3-year job protection scheme. Varouj Nerguizian, Executive Director & General Manager of Bank of Sharjah, and Chairman & General Manager of Emirates Lebanon Bank SAL, disclosed that 30% of the capital of the Lebanese bank will be offered at a later stage to a select group of Gulf and Lebanese private investors subject to regulatory approval. Bank of Sharjah had earlier declared its intention to gradually build a franchise throughout the Middle East region, and in this respect, raised lately the share capital of Emirates Lebanon Bank s.a.l to $50m while injecting a cash contribution to capital of $100m in order to boost equity to $150m. Today, the Lebanon operation is considered as a platform for the Bank of Sharjah's future expansion in the Levant where it intends to benefit from exceptionally strong synergies with its Gulf-based clientele. BNPI has been present in Lebanon since 1944. It engages in commercial banking activities through a network of five branches. At end 2007, it boasted an asset base of around $850m serving 13,500 individual clients and 1,300 corporates.

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[sharewadi]

ADX 22 June 2008:

(BOS) Result of Bank Of Sharjah board meeting

The report from the board of directors actually makes more sense ...

Bank of Sharjah 22 June 2008:

Sharjah 22/6/2008 Ref:433/08 VN.aa Abu Dhabi Exchange P.O. Box 54500 Abu Dhabi Att: Mr. Khaled Al Suwaidi Dear Sir, With reference to our letter dated 16/6/2008, ref. No. 424/08, please note that the Board of Directors met on Sunday 22nd June 2008, at 11:00 a.m. in Sharjah, and took note of and approved the following: 1 - The finalization of the legal formalities to change the name of Banque de la Bekaa s.a.l. to Emirates Lebanon Bank s.a.l., and the increase of the capital from US$ 10 million to US$ 50 million, plus a cash contribution of US$ 100 million, to reach an equity of US$ 150 million. 2 - The acquisition of the operations and branches of BNPI - Lebanon by Emirates Lebanon Bank s.a.l. (a subsidiary of Bank of Sharjah), and the filing with the Central Bank of Lebanon for regulatory approval of the acquisition and the partnership agreement with BNP Paribas as per the attached press release to be published tomorrow Monday 23/6/2008. Kindly take note and oblige. Varouj Nerguizian General Manager

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[sharewadi]

Thomson Financial 26 June 2008:

BNP Paribas and Bank of Sharjah take step towards Lebanese partnership PARIS - BNP Paribas and the UAE's Bank of Sharjah (BOS) have taken a step towards forming a partnership in Lebanon by filing for regulatory approval. Subject to approval by Banque du Liban - the central bank of Lebanon - Emirates Lebanon Bank s.a.l., formerly known as Banque de la Bekaa and a fully-owned subsidiary of Bank of Sharjah, will acquire the activities of the Lebanese branch of Banque Nationale de Paris Intercontinentale - a fully-owned subsidiary of France's BNP Paribas. Emirates Lebanon Bank s.a.l will be 81 percent owned by Bank of Sharjah with BNPI France holding the balance of 19 percent. 'A collaboration agreement between the Lebanese bank and BNP Paribas at the level of private banking and asset management is also being considered,' the banks said. Thirty percent of the Lebanese bank will be offered at a later stage 'to a select group of Gulf and Lebanese private investors subject to regulatory approval,' said Varouj Nerguizian, Executive Director and General Manager of Bank of Sharjah, and Chairman and General Manager of Emirates Lebanon Bank s.a.l.

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