Lebanon's Byblos Bank Targets Libyan Opportunities

Lebanon's Byblos Bank is to enter the Libyan market, as it contends with a flagging domestic economy.

The bank's general manager, Sami Haddad, told Reuters:

"Business in Lebanon is slow ... We can cope with business being slow, but it is affecting our profitability and is enticing us to diversify geographically even more."

Haddad will visit Libya next month to "see what opportunities" there are for Byblos. He said its options could include opening branches or buying a small private sector bank.

The maximum investment would be $50 million, which could be funded from existing resources.

Byblos is Lebanon's third-largest bank, with assets of nearly $17 billion.

(Source: Reuters)

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