Terms have been agreed for the acquisition of a controlling stake in Lebanon's Metropolitan Bank by Standard Chartered Bank. No details as to the cost of the acquisition have been released, though some analysts say a figure of $20 million-30 million might lie at the heart of the deal.

The 89 per cent stake taken by Standard Chartered is somewhat higher than the 67 per cent anticipated in the market, and the remaining 11 per cent will be held by the Baaklini family which founded the bank in 1979 (MEED 12:11:99, Lebanon; 1:10:99). Among the other shareholders which have sold out to Standard Chartered is the Abou Jaoude family.

'Regulatory consent is now awaited, and we expect the deal to be completed in by the end of January,' says a Standard Chartered official. 'At that point the name of the bank will be changed to Standard Chartered Bank Lebanon.'

Standard Chartered has been seeking to expand its Middle East footprint for some time. 'We will move into areas that are strategically important, and Lebanon is clearly one of them,' says the bank official. However, a presence in the Egyptian market is proving more elusive. 'We have withdrawn our bid for a controlling stake in Misr America International Bank,' says the official.