The EuroMena III, a Capital Trust fund, has obtained approval to acquire around three percent of Credit Libanais, at $20 million. "It was the best deal in town for a very long time," said Romen Mathieu, Managing Director of the EuroMena funds. The nominal purchase price to book value (P/B) comes out to 1.07. But the bank owns a lot of real estate which, when revaluated, drops to below one. Bank Audi, Blom, and Byblos are all trading around that price. "Growth opportunities at Credit Libanais are...
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