International banks have been leaving the Lebanese market or selling off some of their operations. Last year, HSBC reported that they were to discontinue any sale of their investment and wealth management products in Lebanon as part of their global strategy to exit their less profitable branches. Similarly, the recent bidding process between local banks over who will acquire Standard Chartered’s retail banking operations is nearing completion, according to a source close to Standard Chartered. Most recently, reports emerged that Lebanese franchise of Jordanian-owned Ahli International will be acquired by the Lebanese Fransabank. [pullquote]Citi’s main activities in Lebanon include acting as a US dollar correspondent, performing transactions abroad on behalf of Lebanese banks and financial institutions[/pullquote] Lebanon has witnessed many waves of international banks exiting the market since its pre-civil war glory days where it enjoyed the status of being the banking hub of the Middle East. Many banks left
