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Lebanese lender Blom Bank to raise Tier 1 capital by 10% amid financial crisis

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Lebanese lender Blom Bank to raise Tier 1 capital by 10% amid financial crisis

Lebanese lender Blom Bank SAL will raise its Tier 1 capital by 10% amid a financial crisis in the country, Reuters reported, citing a statement from the bank.

The capital increase, which is equivalent to $261.9 million, will be made through cash contributions, the newswire said.

The development comes after Lebanon's central bank instructed lenders to increase their common equity Tier 1 capital by 10% by the end of 2019 and a further 10% by June 30 this year, the report said.