Swallowed up

S ociete Generate Libano-Europeenne de Banque (SGLEB) has reportedly acquired the financially troubled lnaash Bank in a deal worth $50 million. The Central Bank had recently taken control of lnaash after the J affal family relinquished its 84% stake. The bank had allegedly been in violation of certain lending regulations. SGLEB, which is half-owned by France’s Societe Generale, will add 17 branches to its 30-branch network, vastly expanding the reach of the financial institution and giving it a presence in the South and Beirut’s southern suburbs. “They were restricted in opening new branches so they bought lnaash,” says one banking analyst. SGLEB is in an expansion mode. The bank has moved into the Jordanian market and, a couple of months ago, it purchased a majority share of the local brokerage firm Fidus. SGLEB registered profits of $18 million last year. lnaash had a capital of $10 million, assets worth $356