January 15, 2020 / 3:46 PM / 3 days ago

Lebanon's Blom Bank approves 10% capital increase -statement

BEIRUT, Jan 15 (Reuters) - Lebanon’s Blom Bank has approved the terms and conditions of an increase to its tier one capital by 10%, an amount equivalent to $261.94 million, it said in a statement on Wednesday.

Lebanon’s central bank instructed banks in November to raise their Common Equity Tier 1 capital, a key measure of financial strength, by 10% through cash injections by the end of the year and a further 10% by June 30 this year.

Blom Bank’s increase would be made through cash contributions to capital, the statement said.

The central bank’s directive for Lebanese banks to increase equity comes amid a deep financial crisis in the country.

Reporting by Eric Knecht. Editing by Jane Merriman

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