Magazine date:
Oct 2005 Arope Insurance, member of BLOM Bank Group, announced a major change in ownership with BLOM Bank acquiring more than 88% of the company's shares. This recent change took place as the bank bought back most of its shareholders' stakes in Arope, while the French partner SCOR kept its 10% share. Arope also announced the company's capital increase from LBP 7.2 billion (USD 4.8 million) to LBP 21.6 billion (USD14.4 million). This increase was done by incorporating 7.2 billion LBP of reserves to the capital, and by injecting another 7.2 billion LBP in new shares fully subscribed by current shareholders.