Following the acquisition of Standard Chartered Bank sal in Lebanon by Cedrus Invest Bank, Cedrus Bank sal (Cedrus Bank) is now officially unveiled. The new announcement that was made formal in the presence of Cedrus Bank officials, as well as the regional CEO of Standard Chartered, during a high profile event at the Four Seasons Hotel - Beirut, on March 3rd 2015 reflects Cedrus Invest Bank’s strong belief in Lebanon’s economy.
Combining both Cedrus Invest Bank’s outstanding successes and Standard Chartered Lebanon’s international standards and best practices, Cedrus Bank capitalizes on a strong blend of robust operations. It brings strong financial expertise mustered by a highly qualified management team who has designed a clear strategy for success in Lebanon.
On the occasion, Mr. Raed Khoury, Co-Founder and Chairman of Cedrus Invest Bank stated: “This investment is a proof of our belief in Lebanon’s future. The existing platform that we have acquired is solid and is prone to expand in the Lebanese market. Cedrus Bank aims to be a leading player in the banking sector. Through a separate new entity and capitalizing on the private banking culture of Cedrus Invest Bank, Cedrus Bank sal aims to extend full-fledged retail and corporate banking products and services to the Lebanese market. We intend to deepen existing banking relationships as well as to develop the customer base.”Mr. Khoury ended his word thanking “The Central Bank of Lebanon, particularly His Excellency the Governor Dr. Riad Salameh, for his continuous guidance of the banking sector as well as for his precious trust and for closely accompanying this transaction.”
Mr. Fadi Assali, Co-Founder of Cedrus Invest Bank and Chairman of Cedrus Bank added: “The strategy behind the acquisition of Standard Chartered Lebanon is to establish Cedrus Bank, which will have a more complete product set, a strong operating platform, and a wider distribution reach. The aim is to deepen existing banking relationships, as well as to expand the customer base. We have put in place a focused strategy of product diversification aimed at larger market segments, and willimmediately raise the equity of the acquired bank more than 4 times to ensure we have a solid banking base. I would like to thank our customers for their continued support and promise to bring them an advanced platform that responds to their current and future financial needs. I would also like to welcome the existing staff to Cedrus Group. It has proven to be a highly effective team with talent and experience, combining both international standards and local knowledge.” Mr. Assali ended his speech thanking all the shareholders of Cedrus Invest Bank for their trust since the foundation of the Bank. He also made special mention of Mr. Nicolas Chammas (Chairman of the Beirut Traders Association, MIT and Harvard educated economist) who will become the Vice-Chairman of Cedrus Bank, holding 15% of its equity.
Mr. Christos Papadopoulos, Regional CEO of Standard Chartered Bank MENAP congratulated Cedrus Invest Bank for successfully accomplishing the acquisition. He explained, “The decision to sell the Retail clients business and banking license in Lebanon is governed by strategic considerations. It comes in line with our efforts to sharpen our focus and reposition our presence in Lebanon. Standard Chartered will continue providing offshore services to our Financial Institution clients, as well as a select number of Large Corporates and sovereign entities through our recently launched representative office in Beirut and through our regional hub in the UAE. Throughout the bidding process, we have been very careful in selecting the right entity to acquire our business here and we believe that Cedrus is the right fit for our staff and customers in Lebanon”, Papadopoulos added.
Cedrus Invest Bank, a Private Bank that is active since 2011, owns the vast majority of the shares of Cedrus Bank sal following the acquisition of Standard Chartered Bank sal in Lebanon. This acquisition was duly approved by the Central Bank of Lebanon (BDL).Through a separate entity, Cedrus Bank’s main objective is to offer a wide range of retail and commercial banking services relying on an effective team with talent and experience in combining both international standards and local knowledge.
“Cedrus Bank” brand name reflects the institution’s strong and proud heritage and the logo’s design signifies its modern and forward-looking aspirations. For more information about Cedrus Bank, kindly check the following link www.cedrusbank.com
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