Saudi Fransi sells key Syria, Lebanon stakes
Beirut, November 26, 2011
Banque Saudi Fransi plans to sell its 27 per cent stake in Bemo Saudi Fransi Syria and its 10 percent share in Bemo Lebanon, the bank said in a bourse statement on Saturday.
The bank's chairman, Saleh al-Omair, said the financial risks in Syria do not permit Banque Saudi Fransi to continue as a partner, the statement said.
Syria has been hit by eight months of unrest, resulting in thousands of casualties, with protesters calling for an end of President Bashar al-Assad's rule.
'Effective immediately, Banque Saudi Fransi is no longer represented in the board of directors of Bemo Saudi Fransi Syria and Bemo Lebanon,' the statement said.
'The directors representing Banque Saudi Fransi in the two banks submitted their immediate resignations from the board of directors of Bemo Saudi Fransi Syria and Bemo Lebanon,' it added.-Reuters