Looking Overseas – Banks eye lucrative markets

Bullish is not a term many would use to describe Lebanon’seconomy in the current situation, or indeed Lebanon’sbanking sector on a domestic level, but when it comes toLebanese banks expanding beyond their own borders, bullishwould seem to be the right terminology. All the Alpha banks, along with a good proportion of theBeta banks, are getting in on the act, putting Lebanon backon the regional banking map after largely disappearing fromview in the late 1970s when the sector lost out to Bahrainand the UAE as a Middle Eastern banking hub. In manyrespects, the roller coaster ride Lebanon has been on forthe past few years has actually been positive for thebanking sector, compelling banks to diversify away fromLebanon and mirror the movement of Lebanese white collarworkers that have gone to the Gulf and elsewhere in theMiddle East in search of more promising employment. As Semaan Bassil, vice-chairman and general manager ofByblos Bank