Funding the summer’s frivolities

Eager to turn the page on money laundering scandals and rumors that hounded the industry at the beginning of 2011, Lebanese banks have gone on a summer retail advertising binge. From the refurbished and repackaged classic loans to the downright quirky new ones, Lebanon’s summer banking products are certainly putting on display the country’s on-credit conspicuous consumption. Loan innovation In 2004, Byblos Bank made the first move away from classic retail loans [housing, car and personal loans] when it introduced both wedding and travel loans. “The big wedding trend took off in 2000, and people started spending more on event planners, large venues, caterers and such. They were in need of huge budgets,” says Georgina Eid Dinar, head of group consumer loans at Byblos Bank. The bank’s $15,000 wedding loan ceiling far from covers lavish ceremonies, but Dinar says accompanying benefits, such as zero percent file and insurance fees outside