Excellency Dr. Saleh Al-Omair, Chairman of Banque Saudi Fransi, stated that the Banks board of directors took an unanimous decision on 1 Muharram 1433 (26.11.2011) to sell its 27% share capital in Bemo Saudi Fransi Syria and its 10% share capital in Bemo Lebanon. Banque Saudi Fransi Chairman added that the Bank informed the major partner, Bemo Lebanon, of its decision. Banque Saudi Fransi will assume the statutory and contractual formalities to complete the sale of its share capital in Bemo Saudi Fransi Syria and Bemo Lebanon.
Effective immediately, Banqe Saudi Fransi is no longer represented in the board of directors of Bemo Saudi Fransi Syria and Bemo Lebanon.
The directors representing Banque Saudi Fransi in the two banks submitted their immediate resignations from the boards of directors of Bemo Saudi Fransi Syria and Bemo Lebanon. His Excellency Banque Saudi Fransi Chairman justified the decision saying that the financial risks in the Arab Republic of Syria do not permit Banque Saudi Fransi to continue as partner.