RIYADH (Zawya Dow Jones)--Banque Saudi Fransi (1050.SA), the
lender part-owned by France's Credit Agricole SA (CRARY, ACA.FR),
said Saturday its board of directors decided to sell its 27% share
in Bemo Saudi Fransi Syria and 10% share in Bemo Lebanon.
The lender's chairman said in a statement posted on the Saudi
bourse website that the decision was made due to "the financial
risks in the Arab Republic of Syria, which do not permit Banque
Saudi Fransi to continue as partner."
Effective immediately, Banqe Saudi Fransi is no longer
represented in the board of directors of Bemo Saudi Fransi Syria
and Bemo Lebanon, the statement added.
In October, Saudi Fransi said its third-quarter net profit rose
22% to 760 million Saudi riyals ($202.7 million), compared with a
year ago, due to a rise in total operating income and improved
financial discipline.
-By Summer Said, Dow Jones Newswires; +966-546-842373;
summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Company, Inc.