The Secretary-General of the Union of Arab Banks, Wissam Fattouh, said in a statement that the intense competition to acquire branches of Lebanese banks abroad, even in light of the repercussions of the spread of the Corona pandemic, suggests Arab confidence in the potential of Lebanese banks.
“As part of its strategic plan for restructuring, on top of which is repositioning abroad, Bank Audi signed the final agreement to sell its subsidiary bank in Egypt to First Abu Dhabi Bank, at a value of $ 660 million. With reference to the recent sale of its branches in Iraq and Jordan by Bank Audi to the Jordanian “Capital” Bank, as well as the share it owns in Bank Audi – Syria.
He considered that “there is no doubt that this strategy has direct benefits for Bank Audi in terms of obtaining fresh funds in dollars that enable it to support its capital and accounts with correspondent banks according to the requirements of the Banque du Liban, as it has positive repercussions on the Lebanese banking sector and economy in many aspects.”
He said: “The entry of these large funds in dollars will enhance the status of the Lebanese balance of payments and reduce the deficit in it. This process and similar operations of selling foreign branches to Lebanese banks will also lead to an increase in the size of the cash block in dollars inside Lebanon, at a time when Lebanon needs every dollar that can be obtained. These operations demonstrate the distinctive sense of initiative of Lebanese banks, chief among them Bank Audi, and its great success in the restructuring strategy inside and outside Lebanon.