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Report: US Bank Officials 'Commend' Lebanese Banking Sector

May 14

Report: US Bank Officials 'Commend' Lebanese Banking Sector

In the framework of regular visits organized by the Association of Banks in Lebanon to financial capitals, a delegation from the Board of Directors of the Association of Banks last week visited New York and Washington, media reports said on Tuesday.

The delegation held meetings with senior officials of the US Treasury Department and the State Department concerned with banking and financial affairs.

They also met with members of the US House of Representatives as well as prominent members of the US Congressional Financial Services, Foreign Affairs and Counter-terrorism Committees, some of whom are of Lebanese origin.

The banking delegation also held meetings with executives and compliance managers at correspondent banks of Bank of New York, Citibank, JPMorgan and Standard Chartered Bank.

During the meetings, they hailed the “correctness of the Lebanese banking model, which maintains a positive balance between business and the seriousness of applying internationally accepted banking rules,” said the report.

The American banking officials who met with the delegation commended the “professionalism of Lebanese banks in their dealings with US correspondent banks and on the strength, continuity and success of the relationship,” it added.

US officials affirmed “strengthened support for Lebanon and its role as a model in the region.” They also emphasized the importance of the “Lebanese banking sector which constitutes, together with the Lebanese army, a stabilizing element in the country.”

The officials reiterated the “leading role of Lebanon’s banking sector in terms of respect for international banking standards, particularly those related to the fight against money laundering and the financing of terrorism.”