Lebanese financial institution Financial Funds Advisors International has received approval from the Banque Du Liban to operate as a private bank, making it the first financial institution to receive a specialised bank licence in Lebanon.

With a shareholder’s equity of approximately $25 million, FFA Private Bank is the country’s only independent private bank. It will offer services in wealth management, capital markets, fund management, real estate and investment banking.

FFA Private Bank was originally a brokerage firm focused on delivering financial advice and mutual funds distribution. At the start of 2007, FFA quintupled its capital and broadened its shareholder base to include several prominent businessmen from Lebanon and the Gulf region.

“Our objective is to become a key player in the GCC and Levant regions through regional expansion,” a spokesman said.

A subsidiary firm has been opened in Dubai: FFA Dubai, the first Lebanese firm to receive a licence from the Dubai Financial Services Authority to operate from the Dubai International Financial Centre.