Byblos Bank eyes Algeria's Al-Rayanne

19th Oct 2005, 03:10 GMT

Byblos Bank, one of Lebanon's three largest in terms of assets, said it is seeking to buy Algeria's small-sized Al-Rayanne Bank in a deal estimated at $14 million. "We have a project to acquire a 51-percent stake in Al-Rayanne pending approval from the Central Bank of Algeria," Alan Wanna, head of finance and administration at Byblos Bank, told The Daily Star.