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Overview Of The Banking Sector In Lebanon
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The Lebanese Banking sector has been known for its stability and success ever since it picked itself up after the end of the Lebanese civil war in 1990. It has now reached a stage where in 2010 it attracted the largest share of bank deposits in the Middle East and North Africa region. The banking sector in Lebanon attracts foreign capital for several reasons of which are the ease of opening an account, the variety of services they offer and the banking secrecy law.
Opening an account in any Lebanese bank is pretty alluring for foreigners because they can take advantage of the same services and benefits that are offered for locals. A person can open an account in any currency he wishes, and if he chooses to change to the Lebanese currency, it is fully convertible and can be exchanged freely. Moreover, a residency in Lebanon is not a requirement for opening a bank account which is a big plus for foreigners.
Some of the services that are available in most Lebanese banks are the following:
-Loans: There are several types of loans available such as housing loans, educational loans, car loans, appliances loans and loans for start up businesses.
-Cards: Many types of credit and debit cards are available for different uses according to the user's preference
-Online banking: account holders have the ability to access their accounts online wherever they are and keep track of transactions of their accounts and their cards.
-Saving plans: mostly for retirement and education
Last but not least, the banking secrecy law in Lebanon allows the foreigner to have his mind at ease that his account information and transactions are truly kept in secrecy as any information released would result in serious predicament for those responsible.
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