via the Lebanon Daily Star: “Lebanon’s banking sector still enjoys a level of economic growth despite difficulties spurred by regional crises, caretaker Prime Minister Najib Mikati told Union of Arab Bank officials Friday.”
During the same event Joseph Torbey, chairman of the World Union of Arab Bankers “criticized the international community for being slow to dispatch aid to Lebanon.”
“Displaced Syrians comprise more than one third of the Lebanese population, and this is affecting the Lebanese economy,” he said.
“Torbey said that the Lebanese economy would incur $7.5 billion of losses by the end of 2014 due to the Syrian conflict, citing World Bank statistics.
However, he added that despite all this Lebanon proved its resilience in facing the turbulence, with its financial and military institutions continuing to function under the abnormal conditions.”
Mohamed Barakat, chairman of the Union of Arab Banks, in turn said that “the Lebanese banking sector was huge and very active.”
“The banking sector in Lebanon is much bigger than the need of the Lebanese economy,” he said, adding that “due to the small market in Lebanon, the banks were expanding to other Arab countries and to Turkey.”
Lebanon is ranked 7th on the 2013 Financial Secrecy Index.