Summary
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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