From left, Fadi Assali, Raed Khoury and Christos Papadopoulos. (The Daily Star/Mohammad Azakir)
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Cedrus Bank announced Tuesday that it will raise its equity to $60 million after Cedrus Invest Bank completed the acquisition of Standard Chartered Bank in Lebanon.Cedrus Invest Bank is a Beirut-based wealth management provider and the majority shareholder in Cedrus Bank, with an 85 percent stake. Cedrus Invest Bank is the first investment bank in Lebanon to acquire a commercial license, Assali said, before outlining the bank's expansion plans.He explained that Cedrus Bank aims to extend fully fledged retail and corporate banking products and services across the Lebanese market through a separate new entity, while capitalizing on the private banking culture of Cedrus Invest Bank. Assali's comments were echoed by Raed Khoury, chairman of Cedrus Invest Bank, who said that this acquisition would allow Cedrus Bank to reach all categories of Lebanese society, including the middle- and low-income classes.
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