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The World Bank’s private sector arm has bought an 8 percent stake in Lebanon’s Byblos Bank for $100 million, the Lebanese bank said Friday.

The International Finance Corporation (IFC) bought more than 47.6 million shares at a price of $2.10 per share, Byblos Bank said.

Byblos is Lebanon’s third-largest bank by assets and deposits. At the end September, Byblos Bank said its assets stood at $13 billion and customer deposits at $9.8 billion.

Lebanon’s Central Bank approved the sale Thursday. The closing of the sale is expected to take place before June 30, Bank Byblos said. BW

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