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Unveiling Lebanon's financial landscape: The possible arrival of four new banks

Lebanon Economy

16-05-2023 | 10:14

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Unveiling Lebanon's financial landscape: The possible arrival of four new banks

Will four new banks open in Lebanon?

News has circulated about granting four new banks licenses.

These licenses are not affiliated with international banks, but rather the applicants for these licenses are local political and partisan entities.

Banking sources revealed that among the names are:

A former deputy governor of the Central Bank.

One of the money transfer companies in Lebanon.

The owner of a technology and telecommunications company.

This as banking sources warn:

Granting new licenses will create a parallel banking sector and eliminate what remains of deposits.

The new banks will attract fresh dollars, endangering existing banks' continuity.

This step is a maneuver made by politicians to evade reforms to restore confidence in the sector.

The governor of the Central Bank reassured the banks: I will not grant any new licenses during my tenure.

However, the banks remain worried.

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