A statement by the two banks said that they signed an understanding but this agreement still needs the final approval of the
The honorary chairman of the new bank
"BIT has 13 branches while NECB has six branches in
He added that the bank will be called BIT and the capital injection will come from NECB's shareholders.
"With this merger, the license of NECB will be scrapped and this will be in the line of thinking of the
Among the key shareholders in the merged bank is former Prime Minister
The chairman and CEO of the bank will be
Khazen said that BIT will offer all types of retail, commercial and private banking services in
The two parties plan to make the official announcement soon.
Officials at Cedrus said that they would keep 85 of
Last month, Fransabank acquired the assets of
More mergers and acquisitions are expected in the coming two years among the small and medium banks.
The competition and the tight Basel III capital adequacy ratio rules are among the reasons some banks in the country prefer to exit the market.
Some of the foreign owned banks have decided to sell all their operations in
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