Bank Audi: Lebanon’s Banking Sector Not Influenced by Regional Turmoil
Adviser to the Chairman of Bank Audi Freddie Baz has assured that the regional turmoil will not have a strong impact on the Lebanese banking sector, since it has one of “the best democratic systems in the region.”
“We can say that Lebanon is still in better shape than many countries in the region,” Baz said during an interview with The Daily Star newspaper published Thursday.
He confirmed that Bank Audi’s operations in the countries that are witnessing unrest due to political issues “were not affected,” but the management took protective measures. “It is business as usual in these countries.”
The bank’s management imposed very conservative lending policies, and very high liquidity limits to face any reversal trend in the market, the newspaper quoted him as saying.
Baz stressed that it is normal for a large bank to carry out these measures during difficult situations.
Bank Audi’s total assets increased 8.3 percent to $28.7 billion at the end of 2010. Its consolidated deposits grew by $1.9 billion last year to $24.8 billion, The Daily Star remarked.
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