Dutch bank ING Barings announced Thursday, November 8 it was stopping its activities in Lebanon after five years, citing the freeze in the Middle East peace process. In a statement, ING Barings said it had handed over its local branch, which was opened in Beirut in 1996, to the Lebanese Byblos Bank, without disclosing the size of the deal involved.
"When starting the operations of its branch in Lebanon in 1996, ING Bank intended not only to develop its banking business in Lebanon itself, but was especially interested to start a base from which to develop financial sector activities in the region," the statement said.
"The hopes and expectations of progress in the peace process and the possibility of opening markets in the region played an important role," ING Barings director in Lebanon, Konrad Peterson said. "The decision to open a branch in Beirut stemmed from this." But he said that the lack of progress in that direction along with the worldwide economic recession had prompted the ING board to halt its operations in Beirut.
Peterson said the assets and portfolio of ING Barings in Beirut had been passed to Byblos Bank, because of the professionalism of that institution, which is Lebanon's third largest in terms of sales and quality of service.
Byblos Bank boss Francois Bassil said the deal "falls in line within our declared strategy to enlarge our assets for better diversification and improved returns." — (AFP, Beirut)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
