The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Lebanon shrugs off the global crisis

The turmoil is a factor delaying capital markets plans rather than a disruption. Banks continue to profit from government debt refinancing, and upcoming privatizations should attract more foreign investment. Elliot Wilson reports.

PRECIOUS FEW BANKING markets have survived the worst of the global credit crunch with their reputations intact, yet some are emerging largely unscathed. Perhaps surprisingly, one of those is that of the Lebanese Republic, a nation of traders with a proud history and a predisposition toward hard graft and financial acumen. Investment bankers from Beirut and Dubai to London and New York are gearing up for a series of wide-scale privatization deals that will systematically unshackle Lebanon’s throttling state control once the worst of the global turmoil is over, starting with the telecoms system and including everything from local carriers to the massively profitable domestic gaming industry.

"The financial crisis has not been bad for Lebanon"

Adel Afiouni, Credit Suisse

Adel Afiouni, Credit Suisse

"The financial crisis has not been bad for Lebanon – rather, it has underlined the solidity of the domestic banking sector," says Adel Afiouni, co-head of global securities for the Middle East and North Africa at Credit Suisse. "When global markets are fully back to normal we will also see many of the local banks completing local IPOs and issuing GDRs in London."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree