No bank losses from Iraqi gang. Torbey: Assault did not result in any capital withdrawals

Local banks did not suffer any direct material loss from the recent attempt by an Iraq-based gang to defraud and blackmail them, according to Joseph Torbey Chairman of the Association of Banks.

He said that these attacks did not result in any capital withdrawals from the banking system.

"The main perpetrators have been incarcerated and law enforcement agencies are working to arrest their accomplices. It is the banks that are now waging a counter-attack on these gangs," Torbey said....

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$1.7 billion subscribed in investment funds. Fixed-income securities are favored

Total subscriptions in local and foreign investment funds reached $1.7 billion in 2017, a drop of three percent compared with the previous year, according to the annual report of the Capital Markets Authority (CMA) for 2017.

The number of local and foreign funds with local subscriptions increased last year by 7.6 percent to 527.

Subscriptions in local funds fell 6.6 percent to $791 million while the funds' total number increased by 15 percent to 23.

Subscriptions in local f...

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FNB subsidizes housing loans. LL20 billion for 100 homes

First National Bank (FNB) has approved more than 100 housing loans worth over LL20 billion ($13.3 million) at an interest rate of 4.5 percent, said Najib Semaan, General Manager of FNB.

"We intend to launch soon a similar package of approximately the same size," Semaan said.

The interest subsidy cost will be assumed by FNB and the loans will be provided through the Public Corporation for Housing (PCH). The Central Bank (BDL) has approved the program. FNB and PCH have signed a proto...

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Fransabank biometric card makes pin codes obsolete. High-tech Mastercard enters local market

Fransabank said it has launched, in partnership with Mastercard, a biometric payment card with an embedded fingerprint sensor.

The biometric authentication technology of the card, which has been introduced for the first time on the local market, allows cardholders to complete a purchase without having to use a pin code or signature.

"The deployment of biometric cards will be launched in phases to cover gradually our entire customer base," said Nadim Kassar, General Manager of Fran...

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M1 Group denies housing loan violations. Loans taken according to Decision no. 7835

M1 Group did not acquire loans from the Housing Bank or those guaranteed by the Public Corporation for Housing (PCH), it said in a statement released today, in response to claims made by the Media Focal Center (MFC).

MFC earlier alleged that M1 Group is one of several politically-backed businesses that are responsible for housing loans running out early this year.

"Individuals from our group applied for housing loans in 2011 and 2013 according to Central Bank Decision No. 7835, iss...

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