Byblos Bank in the Democratic Republic of the Congo

Byblos Bank Headquarters, Ashrafieh – April 2010:

Byblos Bank started this month operations in the Democratic Republic of the Congo. The Bank has taken in the majority of the shares of “Banque Solidaire”, which is now running under the name of Byblos Bank DR Congo. This step comes in the framework of the Bank’s expansion strategy aimed at reinforcing its position as a regional player gaining ground worldwide while capitalizing on an expertise of more than 60 years in the financial and banking sectors.

Dr. François S. Bassil, Chairman and General Manager of the Byblos Bank Group, stated that “Byblos Bank’s expansion strategy is focused on leveraging its extensive expertise to establish solid foundations for its operations and tap challenging and under-served markets, the latest of which is the Democratic Republic of the Congo”.

Emerging markets will bolster Byblos Bank’s capital base and financial capacities, thus contributing to broadening its client base, as well as its products and services. By expanding in the Congolese promising market, Byblos Bank can also accompany the Lebanese Diaspora spread throughout the African continent, and support local and foreign investors in the development of their businesses and the concretization of their projects.

The newly acquired entity in Kinshasa is operating as an independent subsidiary of the Byblos Bank Group. It will provide value-added services such as corporate banking, commercial banking, investment services, and consumer banking.

This step comes to reinforce Byblos Bank’s position and strengthen its regional and international presence in 12 countries and three continents: Lebanon, Belgium, France, United Kingdom, Cyprus, Syria, United Arab Emirates, Iraq, Armenia, Sudan, Nigeria, and lately the Democratic Republic of the Congo.