Home BusinessFinanceStunted growth

Stunted growth

by Livia Murray

As Lebanon’s banking sector continues to be as solid as a rock the financial sector is perhaps its deprived younger cousin. However, many financial firms and boutiques do stake it out from their headquarters in the heart of glossy downtown, adding to a space already crowded by investment units of commercial banks and financial advisory firms. [pullquote]There seems to be a lot of Lebanese money lying around … merely gathering dust[/pullquote] Crowded, that is, because there is not too much action in Lebanon on the financial services front, despite an estimated untapped offshore Lebanese wealth of $120 billion in assets, according to Philippe Sednaoui, chief executive officer of Audi Private Bank, in addition to our $150 billion in commercial banks deposits as of mid-Q3. In other words there seems to be a lot of Lebanese money lying around, which, at least concerning the money sitting in Lebanon, is not being propelled

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