Building of Industry and Labor bank SAL (BIT) as it appears in Beirut. (The Daily Star/Mahmoud Kheir)
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Banque de L'Industrie et, du Travail and the Near East Commercial Bank officially announced Thursday a merger between the two lenders which will bring the total assets to $1.1 billion and a private equity of $200 million.A statement by the two banks said that they signed an understanding but this agreement still needs the final approval of the Central Bank. The honorary chairman of the new bank Fouad al-Khazen told The Daily Star he hopes the bank will be among the 10 leading banks in Lebanon. Last month, Fransabank acquired the assets of Amman based Ahli International Bank for $105 million, making it one of the largest five banks in terms of assets and deposits.
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