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Middle EastOctober 4 2009

Doomsayers defied but challenges loom for Lebanese banks

Lebanon's banking sector won worldwide praise for its resilience to the economic downturn. A bigger challenge for the banks, however, will be to convince the country's new government of the urgency of fiscal and economic reform.
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Doomsayers defied but challenges loom for Lebanese banks

Dr Freddie Baz, the chief executive of Lebanon's biggest bank, Bank Audi, points proudly towards the view from his window. Located in the bank's gleaming sandstone and glass headquarters in central Beirut, Mr Baz's office overlooks myriad construction projects. Numerous cranes punctuate the skyline and tell a story of a city under reconstruction.

After decades of political and civil strife, Beirut is once again rebuilding itself. "They are building two new hotels that you can see from here, The Hilton and The Four Seasons," says Mr Baz, proudly. "Tourism is the key." Visitors to Lebanon are up nearly 60% so far this year, which will undoubtedly provide a major boost to the economy, but it is the success of the banking sector that has turned the most heads in the past year.

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