News Column

BRIEF: Torbey: Banks are most vital sector in Lebanon

January 25, 2014

The Daily Star, Beirut, Lebanon

Jan. 25 -- BEIRUT -- A leading banker said Friday that banks were the only thing in Lebanon that would not be subject to a collapse. "In Lebanon , everything is subject to collapse or setback, with the exception of the banking sector. 2013 was the worst year for the country. We had the resigned Cabinet, the failure to form a new government, the tense security situation in the region, which affected Lebanon , and yet the banks achieved growth in deposits and loans," Joseph Torbey , the president of the World Union of Arab Bankers , told participants at a conference in Beirut . He stressed that the strength of the Lebanese economy could be attributed to the banking sector, adding that lenders employed 22,000 staff, 72 percent of which have university degrees. Although nearly all economic factors fell sharply in 2013, the robust banking sector managed to increase deposits between 6 to 7 percent. He called on banks to enhance the capabilities of their staff in order to maintain growth. ___ (c)2014 The Daily Star (Beirut, Lebanon) Visit The Daily Star (Beirut, Lebanon) at Distributed by MCT Information Services

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Daily Star, The (Beirut, Lebanon)

Story Tools