On March 13th, 2012, H.E. Mr. Tom Fletcher, Ambassador of the United Kingdom to Lebanon visited the Association of Banks in Lebanon where he was received by the Chairman, Dr. Joseph Torbey and Members of the Board of Directors. Dr. Torbey welcomed Mr. Fletcher and delivered a speech and said:
“Excellency,
We are very delighted to welcome you to our Association of Banks in Lebanon, and seize this opportunity to exchange views and discuss mutual Lebanese-British concerns and issues. On this occasion, we also thank you for your support to Lebanon and the Lebanese banking sector, expressed in your latest speeches and interviews, amid recently launched attacks by some columnists in international press, against the Lebanese banking sector.
Such press communication addressed by yourself, Mr. Ambassador, and spread through domestic and international media, is a matter of major importance to us, especially when emanating from a notable personality representing an important country, in areas of financial regulation and supervision, anti- money laundering and combating the financing of terrorism, and also because London is Europe’s most important financial center.
As you well know, Lebanon banks adopt and comply with the best international norms and standards in terms of risk management, capital allocation, Know Your Customer, and combating money laundering. Moreover, applying and adhering to international rules and regulations and respecting the supremacy of international resolutions has always been, and will always be a firm commitment of ours. We, Lebanese bankers, together with the Lebanese banking regulatory and supervisory authorities, spare no effort to keep Beirut an eminent financial center in the Middle East, and aim persistently to strengthen its role in the region and the world.
Mr. Ambassador,
As you may know, Lebanon is UK’s 2nd largest trading partner in the Levant, and UK’s 7th trading partner in the Middle East, according to UK Trade & Investment Government Agency. We believe however, that the good relations with the UK are not only measured in terms of trade and financial transactions, mainly driven by outstanding overseas contacts of the Lebanese business community and diaspora, but evaluated as well, in terms of sharing the same values: those of democracy, freedom of speech and expression, free market principles, liberal trade and investment policies, and absence of restrictions on capital flows, etc…
While we shall discuss today issues of common interest, we may also, dear guest, identify and talk about areas of cooperation that are likely to increase ties with the UK. I have specifically in mind, cooperation with the Financial Service Authority FSA in areas such as human resources training and development, since we, Lebanese bankers, place a great deal of importance and spare no effort to train and develop our human capital, to bring our bankers’ skills and competencies up to international levels, and allow them carry out their duties in a more efficient and effective manner. We, thus, strongly support any Lebanese – British cooperation in terms of human resources development and Anti-money laundering.
Mr. Ambassador,
The reputation and protection of our banks and customers take priority over anything else. In this context of involvement in preventing and controlling financial crimes and facilitating international cooperation, I should mention that our Association of Banks in Lebanon has been, through its delegate, an active participant to the annual Cambridge International Symposium on Economic Crime, usually attended by more than 1500 delegates from over 90 countries. Those include senior ministers and representatives directly involved in public and private sectors, and working in areas of prevention and control of economic and financial fraud, corruption and abuse.
To conclude, Mr. Ambassador, we highly value your visit to our premises, and look forward to further developing stronger ties, for a mutually beneficial cooperation and collaboration between our country and yours.”
In his turn, Ambassador Fletcher said:
“I am delighted for the opportunity to be amongst top bankers in Lebanon. The Lebanese economy depends largely on you as you are playing a major role in supporting its growth and ensuring the relative stability of the financial sector as whole.
As I keep stressing, Britain seeks to protect Lebanon's lucrative banking sector from sanctions against Syria, and we will do our utmost to safeguard its credibility. It is probably the most regulated industry in Lebanon and this is thanks to the Central Bank's stance to stiffen the regulation mechanism.
I understand the Association of Banks in Lebanon organized the ‘Lebanese Banking Day’ in London in November 2010 to re-state Lebanon's position as a banking centre regionally and internationally. The conference left an over-whelming positive impression.
I am glad that collaboration is taking place between some of you and British Banks, and I do hope that this will increase in the future.
We stand ready to help and assist.
Here are some facts about the UK Banking Sector:
- The UK has One of the most competitive, efficient and Secure banking system in the world.
- UK banks operate 150 million current, deposit and savings accounts in the UK, safeguarding money for individuals and companies.
- There are around 10,500 bank branches and almost 64,000 ATM cash machines: more per million people than France, Germany and Italy.
- In Britain bank customers increasingly use their accounts without visiting a branch: 45 million customers have registered for telephone banking and 33 million for online banking. I hope this would be copied in Lebanon.”
In conclusion, His Excellency Ambassador Fletcher accepted the Association’s invitation to lunch.