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Banking / Investment in Lebanon

  • Switzerland to Unfreeze $827 Million in Libyan Assets

    LEBANON, 2015/05/12 The Swiss Secretariat for Economic Affairs said that, “the UN sanctions committee has agreed to unblock the 350 million Suisse Franc worth of frozen Libyan assets in Switzerland”. Antiya Birci, spokeswomen for the Swiss Secretariat for Economic Affairs, said in a press conference said that the unblocked funds would be used to meet the humanitarian needs of the Libyan people. She says a decision about which organizations will receive the money has from presently on to be made.

  • Arab unrest weighs on earnings at Lebanon’s Bank Audi

    LEBANON, 2013/07/20 Net profit at Lebanon’s biggest lender Bank Audi dipped to $188 million for the initial half of 2013, reflecting a one-off gain a year ago but as well held back by continuing unrest across the Arab world. Audi, the Middle Eastern national’s biggest bank by assets, recorded profit of $230m in the same period of 2012 due largely to the $44.5m sale of its 81 % majority stake in insurance company LIA and a sluggish domestic economy. Lebanon has taken a hit from spillover from the civil war in neighboring Syria, inclunding political deadlock at home and the unrest and economic crisis in one of its major partners Egypt.

  • Cyprus Crisis Sparks Lebanese Bank Anxiety

    CYPRUS, 2013/05/16 Bankers who had hoped that Lebanon would be spared the repercussions of the crisis in Cyprus would any minute at this time be disappointed. At the last monthly board conference of the Association of Banks in Lebanon, the governor of Banque du Liban, Riad Salameh, rejected the Central Bank of Cyprus’ (CBC) invitation that foreign parent banks provide guarantees equivalent to 20 % of their deposits in Cypriot branches. 
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