Chairman Dr. François Bassil and members of ABL Board of Directors received today at ABL premises HE Mr. David Hale, newly appointed US Ambassador to Lebanon. Dr. Bassil welcomed the US Ambassador and thanked Mr. Hale for his statement regarding the Lebanese banking sector during the hearing of the US Senate Foreign Relations Committee.

Read full text of the welcome speech delivered by Dr. François Bassil on the occasion of the visit of HE Mr. David Hale, US Ambassador to Lebanon.

Your Excellency,

Dear David,

أهلاً وسهلاً بك في لبنان وفي جمعية المصارف

(Welcome to Lebanon and to the Association of Banks in Lebanon)

It is an honor for me to welcome you to the Association of Banks in Lebanon. In my name and the name of all my colleagues, I would like to thank you for visiting us, so soon after your arrival in Beirut to assume you new functions as U.S Ambassador to Lebanon.

We are all looking forward to further develop the friendly historic ties that link Lebanon and the U.S through an active and fruitful dialogue with yourself and your colleagues in the Embassy. This dialogue is an important element in the expanding relationship between the Lebanese banking sector and the U.S and will certainly lead to a better understanding and cooperation with our various interlocutors within the U.S government.  

In your statement to the Senate Foreign Relations Committee on July 30, 2013 you said that, and I quote “Lebanon’s banking sector is the backbone of its economy” unquote and, quote “If confirmed, I will work with the Lebanese banking community to ensure that it remains a stabilizing force for the economy” Unquote. We thank you for these valuable remarks and are fully committed to work with you to achieve our common objectives.

The Lebanese banking sector has a long history of excellence based on attracting capital and deposits from resident and non-resident Lebanese nationals and companies, but also from other countries of the Middle East and the world. Our most valuable asset is our reputation. Therefore, it is of paramount importance for us to maintain our very good reputation regionally and internationally by meeting the highest financial, corporate governance, and compliance standards. The management of our banks is very strict in applying all international and U.S guidelines and sanctions aimed at combating money laundering and the financing of terrorism. In this respect, the ABL is in close coordination with the U.S Treasury and other specialized agencies such as OFAC and FINCEN. We have an active dialogue with senior officials from these agencies who visit us frequently, and earlier this year an ABL delegation headed by my predecessor Dr. Joseph Torbey went to Washington and met with a number of senior officials in the Administration and with members of Congress to develop and strengthen this dialogue. These efforts will be pursued next month in Washington, on the occasion of the Annual Meetings of the World Bank and the IMF.

At another domain, we are preparing, in collaboration with our international audit firm, a manual on AML and FATCA policies and procedures.

It will be available very soon to all operating banks in Lebanon permitting them a standardized and harmonized implementation of this New US Regulations.

On this topic and others, we would like to organize in cooperation with the US Treasury, OFAC and the Federal Reserve some specialized workshops, here or in the States, strengthening our cooperation and we are looking to your active support.

Our national regulators, headed by Banque du Liban and the Banking Control Commission are also very strict in ensuring that Lebanese banks comply with high international financial standards and have traditionally exercised strong supervisory oversight on the whole sector.

Lebanon and the region are passing through very difficult times, The political and security developments of the past 30 months have had a very negative impact on our operations in Lebanon and neighboring countries. However, the Lebanese banking sector has weathered very turbulent periods in its recent history and has proven its resilience by emerging strong from previous wars and disturbances. Lebanese banks are still experiencing healthy growth rates and a good profitability. They enjoy high capital adequacy ratios that significantly exceed national and international requirements and guidelines.

We have always been very conservative by maintaining high liquidity levels and prudent lending policies which translate into a very low level on non performing loans. In summary, we will overcome this difficult phase and continue to have a strong balance sheet.

Dear David,

We look forward to a frank and constructive dialogue with yourself and your colleagues in Beirut and Washington, leading to stronger ties between the Lebanese banking sector and the US in the mutual interest of our two nations.

We wish you a pleasant and fruitful stay among us.