Lebanese Banks Excel



Lebanese vis-a-vis world Economy 2008Lebanese banks have managed not only to survive the effects of the global economic crisis, but the country has even registered gains in its banking sector. The head of research at Byblos Bank Group, one of Lebanon’s biggest banks, Nassib Ghobriel, believes that the country’s solid banks present “an attractive alternative to depositors lacking confidence in other international institutions during the financial crisis.”

“We have not experienced an outflow of deposits from the banking sector,” he said. On the contrary, “there is evidence that some individuals have transferred their funds from their western banks into Lebanese banks because of their high level of confidence in the sector,” Ghobriel told Deutsche Presse-Agentur dpa.

Ghobriel added that the Lebanese banks have not been affected by the global financial crisis, due to a tightly regulated banking sector and an aversion to risk.

“Lebanon was never a safe haven for depositors to bring their savings from aboard, due to the political turmoil that has hit the country in the past few years, but today it is becoming a haven because we have seen a lot of big names worldwide shaken during the crisis,” Ghobriel said.


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