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News Bank of Beirut acquires Fortuna bank in Luxembourg

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BEIRUT: Bank of Beirut has acquired a small bank in Luxembourg as part of an overall strategy to establish a foothold in Europe, according to news media. Founded in 1920 in Luxembourg, Fortuna provides retail banking activities for individuals. It also specializes in the financing of real estate projects, professional or private. In 2017, it posted a net profit of 479,319 euros ($543,843 dollars).

“This change in shareholder will allow Fortuna Bank, a cooperative company since 1920, to develop its activities anchored in the Greater Region and deploy a range of banking services to foreign clients,’’ Luxembourg Times wrote quoting Bank of Beirut.

Beirut-based magazine Le Commerce du Levant has also confirmed the news. The Daily Star...

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