ABL and Sector News

Byblos Bank Reaches out to the Lebanese Diaspora in the UAE

May 10 2010

Reinforcing its growing regional and global presence, Byblos Bank hosted on  May 6th, 2010, a prestigious dinner at the Emirates Palace in Abu Dhabi. This event was held in the presence of eminent figures in the financial and banking sectors in the United Arab Emirates, Byblos Bank’s business partners, Lebanese expatriates and businessmen, as well as high-profile executives.

 

During this event held in celebration of the 5th anniversary of Byblos Bank’s Representative Office in Abu Dhabi, Dr. François Bassil, Chairman and General Manager of Byblos Bank Group, said, “Byblos Bank is adopting a regional and global expansion strategy to reach out to the Lebanese Diaspora and reinforce its financial services and products offered to existing and potential clients. Hence, the Representative Office of Byblos Bank in Abu Dhabi, opened five years ago, has proven to be a step forward in our constant and diligent efforts to consolidate our distinguished position in the Lebanese and Arab banking sector, and forge the closest possible ties to our customers, wherever they reside or work.”

 

Dr. Bassil thanked His Highness Sheikh Khalifa bin Zayed Al Nahyan for the strong support the UAE have demonstrated towards the Lebanese, locals and expatriates, and praised the pioneering role of the Central Bank of the UAE. He added: “Abu Dhabi has gained a strategic importance as a hub of economic and financial activity in the Gulf Region and as a host for large numbers of Arabs and Lebanese by whom Byblos Bank stands, with whom it always communicates, to whom it provides all financing needs, and whose investment projects it supports.”

 

As a vote of confidence in its financial performance and significant positioning, Byblos Bank has recently attracted international financial institutions such as the International Financial Corporation (IFC), a member of the World Bank Group, that made a USD 100 million equity investment in Byblos Bank. This investment was part of Byblos Bank’s capital increase by USD 250 million, in which the Agence Française de Développement has also taken part through the Société de Promotion et de Participation Pour La Coopération Economique  (PROPARCO). PROPARCO has invested last month USD 30 million in Byblos Bank’s shares. As a result of the capital increase, Byblos Bank’s total equity will reach USD 1.7 billion, while capital adequacy based on Basel II will exceed 16%, one of the highest in Lebanon and the region.

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