Central Bank governnor Riad Salameh attends a ceremony "Celebrating Banque du Liban after Half a Century" in Beirut, Tuesday, June 10, 2014. (The Daily Star/Mahmoud Kheir)
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Cedrus Invest Bank is expected to formally acquire the retail operations of Standard Chartered Bank operations in Lebanon, having finalized details including the fate of the employees, a banker said Tuesday.According to the banker, Cedrus will keep 85 of Standard's 100 employees and significantly raise the bank's capital.With customer deposits of less than $100 million, Standard Chartered decided to sell its retail business in Lebanon due to fierce competition from the well-established banks.
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