Saudi lender to sell stakes in Syria, Lebanon banks

Banque Saudi Fransi unveiled Saturday plans to sell its 27-percent stake in Bemo Saudi Fransi Syria and its 10-percent stake in Bemo Lebanon.In an official statement, Banque Saudi Fransi Chairman Saleh Al-Omair said the bank has informed its partners on the decision.Al-Omair added that the bank's representatives in the board of directors of the two branches have rendered their resignations.The bank is no longer represented in the board of directors of Bemo Saudi Fransi Syria and Bemo Lebanon he added.Al-Omair explained that the high financial risks in Syria have forced the bank administration to take the decision.