A view from the vault

Lending boom Few heads were turned by the first quarter results of Lebanon’s banks. As expected, rankings and market shares were maintained, deposits continued to grow 2.5 percent for the quarter, and customers continued to convert their foreign currency into Lebanese lira in order to take advantage of the 325 basis point spread in favor of local currency. “There are no surprises,” said Salim Sfeir, chairman and general manager of Bank of Beirut. “Each of the banks is maintaining its market share. It is very difficult to penetrate other banks’ share or boundaries.” Yes indeed, all is quiet on the Lebanese banking front. Perhaps a little too quiet. After the record deposits of 2009, Lebanese banks are dishing out credit like ice cream on a hot summer day. Banks issued $2.3 billion in additional loans to the private sector in the first quarter of 2010, according to Marwan Barakat, head