Finance

Middle East & Africa: Bank Almashrek, Credit Libanais, Capital Trust Bank, First Phoenician Bank, B.A.C.D, Banque de Placements du Zaïre were owned by Netoil.

Intra Investment Company, one of the major sovereign wealth investment companies in the Middle East, was created and led by Netoil. The major shareholders of the company are the governments of Kuwait and Qatar.

Europe & United States: Banque de Participations et de Placements, Banque Stern and Bank of the Commonwealth were owned by Netoil.

In 1976, Netoil moved into United States financial markets with its acquisition of Bank of the Commonwealth, a billion-dollar Michigan-based bank with 50 branches. It strengthened and expanded the bank until 1983, when it was merged into the founding of Comerica, Inc., now one of the largest super-regional U.S. bank holding companies. The merger made Netoil the largest single shareholder in Comerica, which currently has assets of $64 billion and a market capitalization of $5.6 billion.

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