BLOM searches for new markets in Gulf and Iraq BLOM, one of the largest banks in Lebanon, is eying the Gulf States and Iraq, but it is also cementing its presence in some of the other states in the region, the chairman and general manager of the bank said Tuesday. Saad Azhari mentioned, “We are expand ing our operations in places where we are [already] present.” “I came back from Jordan, where we opened our 13th branch, and in two months we will open the 14th branch. In Egypt also, we are expanding our branch network. “We also have good growth activit y in the Gulf, including in Dubai, Qatar and Saudi Arabia. We recently opened a branch in Baghdad and in few weeks [we will open a branch] in Irbil. “We hope that once the situation has stabilized, we will be able to expand, because this country has a lot of future potential.” Azhari said that BLOM was keen to expand in the Arab Gulf region, noting that the bank had branches in Dubai and Sharjah and a representative office in Abu Dhabi. BLOM currently has an investment banking license in Saudi Arabia, but not a commercial license. “When the regulations permit, we hope to expand our presence in the Gulf states,” he said. “I am looking forward to expanding business in other Arab countries when we feel that there is a possibility to grow.” Azhari said the situation in Syria had affected directly and indirectly the performance of Lebanon’s banking sector, because many local lenders had a presence in Syria. “There is no longer considerable increase in net income [in Lebanon],” he said. “Banks also increased their provisions for non-performing loans in light of the situation in Syria. Lebanese banks have managed to absorb the shock in Syria and have succeeded in maintaining reasonable profits.”
Posted on: Mon, 03 Nov 2014 06:54:03 +0000
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