Two banks merge in Lebanon

The Lebanese Trade Bank agreed to merge with the Lebanese United Bank to become the third-largest bank in Lebanon.

This operation comes after Lebanese trade bank's failed merger discussions with Napoli Bank in May due to the government's intervention.

Safi Harb, head of Ark financial group which owns Lebanon United Bank, expected the profits of the new bank to reach $20 million this year, to increase to $30 million in the coming year.