Following a very satisfactory 2003 for the country’s major banks, the outlook for the sector in 2004 is guarded but not downcast, said Salim Sfeir, chairman and general manager of Bank of Beirut. Each and every bank in the sector’s leading stratum could outdo their expectations on the results they realized in 2003, Sfeir told EXECUTIVE. “Talking about 2004 and 2005 is a big question, because markets are slightly down and political uncertainties are still high,” he said. “But nevertheless, our financial forecast for the end of the year is not pessimistic. We look forward to having a smooth year, financially speaking.” Similar to other alpha group banks – the institutions at the top of the national banking hierarchy, with assets of more than $1 billion apiece – Bank of Beirut can point to exponential growth in the reconstruction years, both in size and range of activities. Today ranked sixth
