Lebanon’s banks invested in rebuilding the country‘s economy

The Lebanese banking sector has shown strong resilience to economic and political shocks and has demonstrated a commitment to continuously support the Lebanese government in its arduous rehabilitation journey. With a rating equivalent to that of the Lebanese government (“B-” and a stable outlook), total assets in excess of $91.7 billion as of end of September 2008, customer deposits nearing $76 billion for the same period and a branch network exceeding 825 branches, the Lebanese banking sector has responded rapidly and efficiently to the financing needs of the domestic economy and continues to provide a wide range of conventional as well as high quality modern financial services for resident and non- resident clients. The Lebanese banking sector continues to be the backbone of the economy, characterized by an efficient banking secrecy law, a free exchange system and free movement and repatriation of capital. In the past couple of years, the