Q&A with Riad Obegi, chairman of Banque BEMO, on banking sector challenges

ENAR

At a time when banking is materially challenged by economic and financial stresses, and is faced with extreme criticism from distressed depositors and the explosion of economic commentators and activists of all colors in the country, Executive wanted to know what local banking leaders have to say about the quagmire and the way forward. Riad Obegi, chairman and general manager of Banque BEMO, was ready to answer.   Where is the banking sector situated in terms of the short-term crisis and of the long-term economic recovery, rescue, or revival of Lebanon? Let me start with a more basic consideration of banking. Any economy is based on trust and banks are traders of trust. People prefer to put their money in a bank rather than lending it directly to persons who need the money. So you have people who have savings and people who need funds for investing in the future. To