BIT and NECB Acquisition-Merger

Saradar Group, October 15, 2015

Following Banque du Liban’s approval, Banque de l’Industrie et du Travail SAL (“BIT”) and Near East Commercial Bank SAL (“NECB”) have the pleasure to announce that the NECB shareholders have swapped their shares with shares in BIT, leading to the creation of one group of shareholders in BIT.

The new group of BIT shareholders comprises the Bustani, El Khazen families, Mr. Carlos Ghosn, the Mecattaf, Mikati, Saradar, Shammas, and Wiederkehr families, with the former NECB shareholders holding in aggregate 51% of BIT.

The new group brings significant complementary strengths and is under the management of Mr. Mario Saradar.

With a consolidated equity base exceeding USD 200 million and total assets of USD 1.6 billion, the new group will offer an integrated range of premier financial services specializing in the fields of Private, Commercial, and Retail Banking.