Bank of Sharjah subsidiary Emirates Lebanon Bank and
BNP Paribas have applied for regulatory approval for their contemplated partnership in

Lebanon. A collaboration agreement between the Lebanese bank and
BNP at the level of private banking and asset management is also being considered.

Emirates Lebanon Bank (previously Banque de la Bekaa) will be acquiring the activities of the Lebanese branch of Banque Nationale de Paris Intercontinentale (a subsidiary of
BNP Paribas). Emirates Lebanon Bank will be 81 per cent owned by Bank of Sharjah with BNPI France holding the balance.

ELB clients will, it is hoped, be able to benefit from a continuing relationship with their bank as well as an enhanced offering of products and services. Management of operations will continue to be handled by staff seconded from
BNP Paribas, while existing employees will be awarded a three-year job protection scheme.

Thirty per cent of the capital of the Lebanese bank will be offered at a later stage to a group of Gulf and Lebanese private investors, subject to regulatory approval.

The 

Lebanon operation is considered as a platform for the Bank of Sharjah's future expansion in the
Levant where it intends to benefit from “exceptionally strong synergies” with its Gulf-based clientele.