SGBL Completes Acquisition of Banque Richelieu in France and Monaco

Lebanon's SGBL bank has announced the completion of the acquisition of Banque Richelieu France (formerly KBL Richelieu Banque Privée), Banque Richelieu Monaco (formerly KBL Monaco Private Bankers) and Richelieu Gestion (formerly KBL Richelieu Gestion), after obtaining the green light of the relevant regulatory authorities, notably the Central Bank of Lebanon (CBL), the European Central Bank (ECB) and the Prudential Supervision and Resolution Authority (ACPR - France).

This group of companies, with an aggregate amount of assets under management of US$ 3.6 billion, will be steered by Compagnie Financière Richelieu, which is chaired by SGBL Chairman and CEO Antoun Sehnaoui and fully owned by SGBL.

Compagnie Financière Richelieu will manage this new platform of private banking and asset management while “consolidating the position of each of the group companies thus resolutely aiming at a long term sustainable dynamic and growth perspective,” SGBL said in a statement.

Banque Richelieu France provides its clients with a “comprehensive monitoring of their assets, tailored investment solutions as well as a broad range of financing options,” according to the SGBL statement.

Banque Richelieu Monaco meanwhile provides its international clientele with “exclusive and tailored financial services.”

Richelieu Gestion has, since its inception, specialized in creating a wide range of specialty funds with “historic expertise in stock-picking and a conviction management.”

“This acquisition will substantially strengthen the SGBL group in all its business lines,” SGBL Chairman and CEO Antoun Sehnaoui declared on the occasion.