Raoul Nehme named top gun at Bankmed. Second managerial change this year

Raoul Nehme has been appointed as Executive General Manager of Bank Med. He is replacing Mohamed Ali Beyhum who is leaving the bank. Beyhum has been in the position since 2010.

Nehme, who will take charge of his new job in June, was Chairman of the Executive Committee of ASTROBank in Cyprus. He was previously General Manager of Holding M. Sehnaoui which is one of the major shareholders in ASTROBank. Prior to that, Nehme was General Manager of BLC Bank in which Holding M. Sehnaoui also own...

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$200 million financed by European Bank. Energy and infrastructure projects are targeted

The investments made by the European Bank for Reconstruction and Development (EBRD) will reach more than $100 million in its first year of operation in Lebanon, according to Alain Pilloux, EBRD's Vice President for Banking. The bank plans to double this amount next year and has ambitious plans for the future as there is no upper limit for its investment, Pilloux said.

Locally, EBRD has so far invested $75 million.

The multilateral bank plans to finance projects in the energy secto...

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Banks to subsidize pre-approved housing loans. Mortgages from before March 15 can benefit

The Association of Banks (ABL) said it has asked the banks to bear the subsidy costs of already approved housing loans until the end of 2018. Loans accepted by the banks and submitted to the Central Bank (BDL) before March 15, 2018 will benefit from the banks' support.

A banking source said that an agreement has been reached between the banks and BDL in this regard. The source said that the value of these loans is estimated at around $300 million.

BDL will take over for the year 20...

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Financial crimes on the rise 597 cases reported. Embezzlement is the most reported crime

The number of money laundering and terrorism financing crimes reported to the Central Bank's Special Investigation Commission (SIC) increased 27 percent to 597 cases in 2017.

Nearly 80 percent of the cases were reported by local entities with the remaining 20 percent received from foreign entities.

The SIC has so far investigated 514 of these cases, or 86 percent of the total. It has referred 250 of the investigated cases to the General Prosecutor and to requesting authorities. The...

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