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  • 16-05-20

    Lebanon to reduce banks to half through restructuring

    (MENAFN)



    Local media said that the Finance Minister of Lebanon, Ghazi Wazne, announced on Friday that the country may reduce its operating banks by half through restructuring in the banking sector.

    Online newspaper Elnashra quoted the minister as saying that "We have a total of 49 commercial banks and we will reduce the number of commercial banks gradually in different ways including mergers".

    Consolidation has resulted in worries for depositors over the effects on their accounts as analysts say it is hard for big depositors to avoid losses.

    The country is negotiating with the International Monetary Fund for now for a strategy plan to restructure the debt and the banking sector in Lebanon.

    MENAFN1605202000450000ID1100172030

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