Standard Chartered Bank has opened talks for the acquisition of a controlling stake in Lebanon's Metropolitan Bank as part of its plans for expansion in the Middle East beyond the Gulf. Metropolitan is one of the smaller institutions in Lebanon - it has assets worth about $100 million and a six-branch network. Established in 1979, Metropolitan has among its shareholders members of the Baaklini and Abou Jaoude families.

No details have yet emerged of either the size of the stake being considered, or the price to be paid by Standard Chartered, though some analysts say a figure of $20 million for a controlling stake is at the heart of the negotiations.

Standard Chartered has been looking to expand its operations in the Middle East and North Africa (MENA) region for some time. 'We are optimistic about the region's future, and the prospects for banking in it,' says a Standard Chartered official. 'We are looking to make acquisitions in a number of countries, including Egypt, Jordan, Syria and Lebanon.'

Recent attempts at regional expansion have focused on Egypt, with Standard Chartered pursuing a controlling stake in Misr America International Bank.