After putting it on the market earlier this year, the Qatar Investment Authority (QIA) in early August completed the sale of BLC Bank, its Lebanese banking asset to Fransbank who won a two-round competition to buy BLC Bank with a $153 million bid, $9 million better than what others had put on the table. QIA retained ownership of BLC assets with relevance for the Gulf financial industry. In an interview with Executive, Fransabank chairman Adnan Kassar said that BLC Bank was one of the oldest in the country with a wide client base and deep roots within the Lebanese business community. He also hinted that tactically, “the acquisition has advanced our ranking in respect to total deposits from fifth to fourth, and further deepened the gap percentage of other indicators that distance us from other immediate competitors.” According to BLC Bank chairman Shadi Karam, Fransabank can make the leap to becoming
