Home Banking & FinanceBanking with a stacked deck

Banking with a stacked deck

by Executive Editors

If the global financial crisis taught the world anything, it was that the banking world and the real economy are two arms of the same body. But while countries around the world use both those arms to haul themselves out of recession, Lebanon has for years relied almost solely on its banking sector to drag the country’s economy forward. “The most powerful section with regards to contribution to [gross domestic product] is the banking sector,” says Simon Neaime, professor and chairperson of the economics department at the American University of Beirut. “If the banking sector is not doing well, Lebanon does not do well.” Luckily for Lebanon, the sector has been performing marvelously as the alpha banks held $122.17 billion in assets at the end of March 2010, according to the Bankdata financial services. That figure represents a 24.7 percent rise in the past year. This is also significant for

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