The Association of Banks in Lebanon received the Ambassador of France to Lebanon, HE Mr. Patrice Paoli. The Members of the Board of Directors and Chairman Dr. Joseph Torbey were present to meet with His Excellency. In his speech, Mr. Torbey said:

Excellency,

Friends and Colleagues,

On behalf of the Association of Banks in Lebanon and my fellow bankers here today, let me, Mr. Ambassador welcome you in Lebanese: “Ahlan wa Sahlan”, which reflects our warm welcome and our pleasure to receive you in our Association. This is a sign of friendship and cooperation between banks in Lebanon and France, and a strengthening of the great values ​​that bind our two countries, those based on the ideals of culture, freedom and solidarity.

We are meeting today in times of stress, when the Lebanese are focused on developments in Lebanon and in the region, especially in Syria, which enter every day a new phase. In this context, through vicissitudes and upheavals, our country incurs great danger. Our banking sector must manage and control major risks, both in terms of banking as political and security risk operations, while not forgetting the strict application of international sanctions with particular focus on active players in the region including Iran and Syria, among many others ... The Lebanese banking sector has successfully met the challenge by showing its ability to incorporate and implement all international measures required.

Throughout its history, the Lebanese banking sector has played a decisive role in the economic and political life of the country. At the national level, during the civil war that ravaged Lebanon from 1975 to 1990, Lebanese banks have actually ensured the survival of the state and public authority, by providing government necessary funds for its continuity, while the collection of taxes were almost nonexistent. Private sector funding programs at the national level were also provided by the banks. True pillar and growth driver of the economy, the Lebanese banking sector has also actively participated in the ambitious reconstruction of the country to restore Beirut to its reputation of the jewel of the Middle East.

Because of our openness to the outside and that our banks operate in over 32 countries and 111 cities worldwide, our banking sector currently manages more than 158 billion dollars representing more than 3.5 times the GDP of Lebanon. Therefore, the banking sector continues to act as a strategic partner to the state and national economy, ensuring social welfare, growth and job creation despite the utmost difficult international and regional contexts.

There goes without saying that we operate in compliance and in accordance with international norms and standard set by the FATF, the Basel Committee, the international financial institutions, and finally by the European Union and the United States. Such rigor is also due to the strong, effective and appropriate regulatory framework established by the Central Bank of Lebanon and its monitoring arm, the Banking Control Commission, which must be added an ongoing dialogue and constant coordination with the Association of Banks in Lebanon, the oldest in the region, founded in 1959.

Our Association would like to send this message around the world. Indeed, after London (November 2010) and Paris (October 2011), we held the Day of Lebanese banks in New York (February 2013), with the participation of our principal American correspondents, a day during which the flag of Lebanon was displayed on the NASDAQ. We held meetings with the Federal Reserve Bank of NY, then with the highest circles of power in the U.S. government, including the Treasury Department, the Ministry of Foreign Affairs, the Congress and influential NGOs, including the Aspen Institute in Washington and the American Task Force for Lebanon. We focused on the strong commitment of the Lebanese banking sector in the implementation of international sanctions and the fight against money laundering and on the strategic role of the Lebanese banking sector in strengthening stability in Lebanon in a destabilized region.

Our work in the United States found an encouraging home ground by U.S. officials regarding our banks’ efforts that operate in extremely difficult circumstances, where sanctions encircle the banking activity and require depth knowledge of international regulations that our bankers have mastered.

Dear Mr. Ambassador,

The strong ties of the Francophonie create among us the sharing of the French language and universal values. We wish to inform you that we have been the leading proponent of the creation of the French Bank Union (Union Bancaire Francophone), which we have signed the Charter last week. Our new French Bank Union includes 20 French-speaking countries so far and aims to build a network for the exchange of information and dialogue on issues of common interest, using the French language, in order to strengthen the business relations between our banks and countries.

On another level, Our Association and the St Joseph University of Beirut have strengthened their partnership in the Center of Banking Studies (CEB), founded in 1967, raising it to the academic rank by the creation of the Higher Institute of Banking Studies (ISEB) into an educational institution, training and research, approved by the Ministry of Education and Higher Education in Lebanon.

This is an opportunity for us to strengthen cooperation with the Training Center of the Banking Profession, the famous CFPB of Paris which we exchange experts, programs and educational materials for over 20 years.

As for France, very close to us and who deeply knows the Lebanese reality and the seriousness of our banking industry in these times of stress, we expect it to continue to stand by our side, to promote the Lebanon free, stable and economically prosperous.

Our meeting today is certainly a new confirmation for the will of supporting great values, reinforced by the density of bilateral political relations and the continued support of France of resolutions that defend the sovereignty of Lebanon. To defend the sovereignty goes with the contribution to the economic development of our country, a task which our banks are striving diligently to participate into making peace and to strengthen the stability of Lebanon. This is the very basis of the fundamental values ​​that bind France to Lebanon.

We wish to welcome you once again and thank you for the support you show to our banking sector and our country.

For its part, Ambassador Paoli praised the resilience of the Lebanese banking sector that "has an international reach," referring to the recent visits of Mr. Torbey to Paris, London and the United States. He also added that Lebanese banks have developed strong ties with French banks.

Also, Ambassador Paoli announced that he had encouraged the Governor of the Central Bank of Lebanon (BDL) to go to Paris to meet with the financial officials, but also with banks’ executives, in order to review compliance with international standards.

In addition, Mr. Paoli confirmed the development of bilateral relations and their binding to the economic, commercial and financial levels.

To conclude the visit, a meeting was held between ABL Board of Directors and the Ambassador of France in Lebanon and the accompanying delegation, followed by a business lunch.