Bank of Beirut has opened its Dubai representative office in the premises of Emirates Bank International, which has a 10 per cent stake in the former.
Salim Sfeir, chairman and general manager of the bank, said the decision is a refection of the need for the Lebanese community in Dubai to establish a direct contact with Lebanon.
He clarified that the mission and responsibility of the representative office will be to market and develop business for Bank of Beirut and create new opportunities between Lebanon and UAE. He also acknowledged the continuous support extended by Emirates Bank.
In a statement, Balsam Al Khalil El Husseini, the Dubai representative, said the bank hoped to repeat last year's performance during the current year, and is optimistic of turning out a net profit of Dh73.4 million ($20 million).
Bank of Beirut, considered among the Top 10 banks in Lebanon, currently has 33 branches. It was the first bank to establish a fund registered in Lebanon, subsequently followed by another.
Bank of Beirut opens representative office
Bank of Beirut has opened its Dubai representative office in the premises of Emirates Bank International, which has a 10 per cent stake in the former.
