Lebanon's Byblos Bank starts $200 million tier 1 preferred stock offer

By Paul A. Harris

St. Louis, Aug. 28 - Lebanon's Byblos Bank S.A.L. opened the books on a $200 million offering of tier 1 non-cumulative redeemable series 2009 preferred shares on Friday, according to a news release.

The deal is expected to close on Sept. 9.

The Central Bank of Lebanon approved the transaction on Aug. 19, Byblos said.

Proceeds will be used to increase the Beirut-based full-service banking company's capital.

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