Pushing for consolidation

The Banque du Liban (BDL), through its Banking Control Commission (BCC) has so far done a good job in ensuring that the Lebanese banking sector remains stable and sound, proving to be an able, proactive regulator that has come to the rescue and support of the banking sector whenever needed. For the record, the BCC’s main responsibility is that of supervising domestic commercial banks, branches of foreign banks, foreign representative offices of banks, and financial institutions and brokerage firms in Lebanon. By making sure that the institutions implement the relevant articles of the Code of Money and Commerce (CMC), the BCC has the capacity to make a judgment and recommend whether particular institutions need rescuing, restructuring or even consolidation. The latter is a process that began in July 1997 when Banque Audi broke the deadlock and bought Crédit Commercial du Moyen Orient. In the same year Byblos Bank bought Banque