The banking industry and banks in Lebanon

By: John Doe..

Banks are the most important pillar in any state economic plans and strategies. Banks are established in most countries and form a gigantic part of global markets. Nowadays, banks have a crucial role in world's economy and can rise or fail the economic plan of any country or state.

The banking industry roots back to 1472, in Sienna Italy, where the oldest bank in the world existed. The main objectives of banks are to organize financial actions and to connect two types of customers, the ones with financial shortages and the ones with financial excess. In addition to that, banks provide financial services such as loans, deposits, investments and funds.

The Banking sector can be considered as one of the riskiest or most volatile industries in some countries yet an essential tool for any country's economy and national security. During the last few decades, we noticed that the rise or fall of any state depends highly on its banking sector setting the guidelines for its local economic strategies, especially in the developed countries and wealthy states. Needless to say also, that the banking sector in the developed countries affects greatly the world's economic stability.

Banks are divided into the following categories: retail banking, business banking, private banking, investments banking and corporate banking. Basically they differ according to their clients, the services they provide and whether they belong to the private sector (private enterprises) as most banks are or to the public sector (owned by the government).

Mortgages and credit cards debts fashioned by the banking industry are the greatest perils that threaten countries' economies and create worldwide financial issues, and so these two problems need to be maintained in order to sustain and avoid the birth of any financial crisis.

Across borders, banks have known a huge growth of financial activities providing a multitude of services to different nationalities around the world, which increased the demands and the needs for banks.

Lebanon is characterized by a very developed and healthy banking sector. Banks in Lebanon are the primary pillar for the country's economy. These banks provide many professional banking services to clients from retail banking to private banking, business banking as well as other sophisticated products and services. Banking loans in Lebanon are very popular and very well monitored by the central bank and carry a very small risk. Other banking retail products have also a big acceptance among the Lebanese consumers especially those involving online banking services.

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NECB or Near East Commercial Bank is one of the oldest commercial banks in Lebanon. It is a Swiss owned commercial bank in Lebanon offering its clients with many banking services including retail banking, business banking, private banking as well as other professional banking services.

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