Lebanese banks have not always made the right choices when looking to expand internationally. Two of the most favoured countries for expansion were Syria and Egypt. The mood towards these countries at the moment is very much one of damage control.
“The Arab Spring definitely created problems,” says Freddie Baz, chief financial officer of Bank Audi. “Last year in March we instructed our managers to stop development and taking on customers.”
Syria, in particular, is an albatross around the neck of the Lebanese banking sector and the Lebanese economy in general.
Thanks for your interest in Euromoney!
To unlock this article:
