BEIRUT: Several Lebanese and Gulf investors, including the Doha-based Salam International Investment or SIIL, plan to launch an private bank investment in Lebanon with a $13 million capital, SIIL said at a news conference over the weekend.

SIIL, a Qatari construction services provider, said Sunday its board had approved a recommendation to inject $3 million in the yet-to be established Levant Investment Bank for a 10 percent stake.

SIIL CEO Issa Abdel Salam Abu Issa said the bank’s capital may later be increased depending on the results of the private placement, which selected businessmen and corporations from Lebanon and other countries will participate in.