Banks from 4 Arab countries are in talks to invest in struggling Lebanese banks, official says

By KAREEM CHEHAYEB
Associated Press

BEIRUT (AP) — Banks from four Arab countries are interested in investing in Lebanon’s struggling banking sector, which has been hard-hit by the small nation’s three-year economic meltdown. That’s according to Wissam Fattouh, the Secretary General of the Union of Arab Banks, who spoke to The Associated Press on Thursday on the sidelines of the biggest regional banking conference held in Beirut since the historic economic crisis began in October 2019. He did not name the countries interested in investing in Lebanon. As of 2022, some 61 banks operate in the tiny Mediterranean country, of which 46 are commercial banks. Many have downsized due to the crisis.