Banque de la Mediterranee, Lebanon's second largest bank, confirmed Saturday it had bought 90 percent of Allied Business bank for $24 million, expanding its activities into mass consumer operations.
Mediterranee's chairman Mustafa Razian was quoted by Oman Observer as saying that the central bank this week granted approval of the deal with an option to buy the remaining 10 percent for an additional $3 million.
According to Razian, buying Allied is part of a new strategy of going into consumer finances.
Allied has 15 branches and assets of $300 million.
Mediterranee is owned by Prime Minister Rafik Al-Hariri and has assets of $6 billion – Albawaba.com
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