Byblos Bank SAL's board approved a $135 million capital increase of the Lebanese lender, representing 10% of its common equity Tier 1, through the issuance of cash contribution interests.

The bank noted that the cash contribution interests can be converted into common equity each year for the next five years at a conversion ratio of 1,515 Lebanese pounds for every U.S. dollar.

The shareholders of Byblos Bank, including Byblos Invest Holding, will also take part in the capital increase.

As of Dec. 18, US$1 was equivalent to 1,513.1 Lebanese pounds.