Fidus to morph into a specialized or private bank. Equity increased to $25 million

Fidus SAL, a subsidiary of Société Générale de Banque au Liban (SGBL), has received preliminary approval from the Central Bank (BDL) to convert into a specialized bank, according to Jean Hanna, the company's Deputy General Manager.

For this purpose, Fidus increased its capital from $5 million to $20 million, and boosted shareholders' equity from $7.5 million to $25 million.

The new bank, tentatively named Fidus Invest or SGBL Private Bank, is expected t...

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