Bank Of Beirut - Banking Beyond Borders

banking beyond borders

Press Release

On November 20th, 2002, Beirut Stock Exchange approved the listing of Beirut InterBank Fund, and trading will become effective on November 21st, 2002.

Beirut Interbank Fund is a closed ended Fund, with all its 200.000 shares listed on the Beirut Stock Exchange. The Fund invests in financial fixed income issues of the top 10 Lebanese Banks. The starting capital of the Fund is U.S. Dollars 20 million.

This event is of great importance to investors, both locally and internationally. It provides accessibility to Lebanese Banks securities whilst providing them with more transparency on pricing and liquidity. It is the first step towards more positive developments of coordination between local institutions and the Beirut Stock Exchange.

The Manager of the Fund, Bank of Beirut s.a.l. and the Founder, First National Bank s.a.l., are proud to offer such an investment opportunity to both the Lebanese Arab community and international investors.

Michel Chikhani, Head of Asset Management at Bank of Beirut s.a.l., remains confident for more developments in the area of investments, through Funds under current Lebanese Legislation. Bank of Beirut is seriously committed to serve the Investors’ demand, for low risk, high liquidity and high performing products. It has already successfully launched three Funds, two in the U.S Dollar currency and one in Lebanese Pounds, and proved its management capacity in the field of asset management.

In an endeavor to meet investors’ demand, by offering competitive high returns, whether interest rates are on uptrend or downtrend, the listing through the Beirut Stock Exchange will provide more liquidity to investors on existing financial instruments.

Along with Beirut Interbank Fund, Bank of Beirut s.a.l. currently invests and manages U.S. Dollars 90 million in Lebanese fixed income securities (whether in Lebanese Pounds or U.S Dollars), for the account of 3100 shareholders. To all those shareholders who vested their confidence in Bank of Beirut s.a.l., we remain committed at all times.