In an event which reflects the solidity of the Lebanese banking sector
FNB and the European Investment Bank signed a partnership agreement in which EIB will be a holder of preferred shares with an option to become common shareholders throughout the coming seven years. Under this agreement, the European Investment Bank joins the base of FNB shareholders through issuing cumulative preferred shares in the amount of $15 million, with the right to transfer the shares to ordinary ones. FNB has enhanced its position within the Lebanese banking ALPHA group, specializing in retail and investment banking.
Mr. Rami El Nemer, Chairman – General Manager of FNB pointed out that “this transaction is nothing but a first step towards a long term, strategic and fruitful cooperation between the European Investment Bank and First National Bank”.
This prominent agreement allows FNB to develop a sophisticated network of relationships with correspondent banks around the world in order to expand its scope in services and funding.