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Credit Libanais launches its operations in Bahrain

Touristclick Bahrain Travel News

Credit Libanais launches its operations in Bahrain

by Al-Bawaba

Credit Libanais sal, one of the leading banks in Lebanon established since 1961, has officially launched its operations in the Kingdom of Bahrain on October 28, 2007. Credit Libanais in Bahrain, which will serve all GCC customers, joins the Bank's network of 58 branches in Lebanon, a full-fledged branch in Limassol, Cyprus and a representative office in Montreal, Canada.

The Bank, which is a global provider of specialized financial services, offers its customers, through its activities and those of its numerous subsidiaries, a wide array of services, including retail, corporate, investment and Islamic banking, leasing, micro-finance, as well as Small and Medium Enterprises (SMEs) funding. The Bank is a pioneer in e-banking services, operating a wide network of ATMs and POS, an advanced Call Centre and internet banking services that allow customers easily and securely access the Bank, wherever they may be in the global village.

Credit Libanais also furnishes quality standards in capital markets and private banking products and instruments, traded on both domestic and international markets. The Bank is an active participant in the co-management of all sovereign Eurobonds issues and is considered a major market maker on the Lebanese fixed income securities market.

The Bank develops and maintains strategic cooperative partnerships with numerous international bodies, such as the Arab Trade Financing Program (ATFP), the Inter Arab Investment Guarantee Corporation (IAIGC), the Islamic Corporation for the Insurance of Investments and Export Credit (ICIIEC), the European Investment Bank (EIB), the Export Development Corporation (EDC), the Saudi Development Program (SDP), and the International Finance Corporation (IFC).

The Opening Ceremony: The launching took place at the Ritz Carlton Hotel, and was hosted by the Bank’s Chairman and General Manager, Dr. Joseph Torbey, who warmly welcomed all the distinguished attendees, and thanked the Kingdom of Bahrain’s government for their support in facilitating the establishment of the Bank. The Chairman noted that "we are very proud to be the first Lebanese bank to open in Bahrain". He elaborated on the soundness and strength of the Lebanese banking sector, the resolute perseverance and diligence of Credit Libanais' teams of management and staff, which are key factors the Bank capitalizes on, in its expansion strategy.

Why Bahrain? Bahrain was chosen for being a financial hub in the Gulf region, and for its economic liberalization and diversification, tax facilities put at the disposal of investors, added to an encouraging legislative environment. Moreover, Dr. Torbey highlighted that the support of Credit Libanais' shareholders, coupled with the dynamism of the Bank's team, immensely facilitated this accomplishment.

The Opening ceremony was attended by several of the Kingdom’s Ministers; Ambassadors; representatives from the Central Bank of Bahrain (CBB); and a number of prominent Bahraini, Lebanese, and regional VIPs and business professionals. The Bank’s Board of Directors and other officials were also present at the ceremony.
Mr. Gabriel Basbous, Country Manager - Credit Libanais, expressed his eagerness to put his expertise and know-how, as well as that of CL staff and management, at the disposal of Lebanese, Bahraini, Arab and non-Arab customers living and working in Bahrain.

Mr. Basbous also highlighted that “the financial performance of Credit Libanais Group clearly reflects the success of the Bank's strategy to maintain sustainable growth rates. Such performance strengthens the Bank's status, and confirms the soundness of the Bank's expansion strategies, both regionally and internationally.”

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