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WorldApril 30 2015

Lebanese banks go global

Operating in a relatively small domestic market often beset by social and political upheaval has led Lebanese banks to look overseas as a way of expanding, something from which they are now reaping the dividends.
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Lebanese banks go global

Lebanon’s banks were dealt another difficult hand in 2014. Despite being given cause for optimism earlier in the year, through the election of a new government and the enforcement of a new national security plan, conditions had quickly deteriorated by the summer months. While most of these problems stemmed from events in the wider Middle East region, including the rapid advance of the Islamic State to the country’s borders and the continued influx of Syrian refugees, they exacerbated long-standing domestic economic and political challenges.  

Nevertheless, when it comes to operating under testing circumstances, Lebanese banks are not short of experience. Data from the Alpha Report, covering the performance of the country’s top 14 lenders, shows that these banks performed more or less in line with previous years despite the challenges that 2014 presented. The total assets of these lenders grew by 10.4% in 2014, increasing from $176.3bn to $194.6bn. Meanwhile, net profits showed a year-on-year growth of 9.1%.

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