The current situation in the Middle East affected the economy a lot. As for Lebanon, the refugee crisis and the war in Syria changed the financial scene in the country. However, in 2017, the Middle Eastern market saw a relief. Here are the notable changes that happened in 2017 according to Forbes Middle East: – Total market value gained 12% in the previous years – Aggregate net profits decreased by 9.7% – Sales increased by 2.4% – Total assets increased by 3.8% The situation in Lebanon is not like the situation of other Middle Eastern countries. The civil war in Syria resulted in 2 million refugees coming to Lebanon in addition to over half a million Palestinian refugees already there. To note, the percentage of refugees in Lebanon is the highest per capita in the world which constitutes 30 to 40% of the population. Lebanon needs to invest in the infrastructure to meet the needs of the country. Lebanon recently took a
which is repayable over a 31.5-year period to rehabilitate the roads from the World Bank. Despite all the hardships, 4 Lebanese banks managed to become among the top 100 companies in the Middle East. The study was conducted by
Middle East which used a specific methodology. Four metrics were measured: market value, sales, net profits, and total assets.
Here are the 4 Lebanese banks that are among the top 100 companies in the Middle East!
#1 Bank Audi
Bank Audi was founded in 1830 and is currently operating 84 branches in Lebanon. Also, this bank was among the largest public companies in the world on the
Forbes Magazine Global 2000 list
. Rank: 27 Sales: $4 B Profits: $469 M Assets: #44.1 B Market Value: $2.8 B
#2 BLOM Bank
In 1951, BLOM Bank was established in Beirut. It has a wide national and international presence. Here are the countries where BLOM Bank has branches: Lebanon, Jordan, UAE, France, UK, Switzerland, Romania, Cyprus, Egypt, Qatar, Iraq, and Saudi Arabia. It is among the largest public companies in the world for 2017 according to Forbes’
list. Rank: 34 Sales: $2.3 B Profits: $463 M Assets: $29.5 B Market Value: $2.6 B
#3 Bank of Beirut
Established in 1963, Bank of Beirut has 60 branches in Lebanon and is present in 4 continents. It has 16 branches in Australia, 4 branches in Oman, and branches in the United Kingdom, Germany, and Cyprus. Rank: 78 Sales: $936 M Profits: $198 M Assets: $17.1 B Market Value: $1 B
#4 Byblos Bank
Founded in 1963, Byblos Bank is one of the alpha banks in Lebanon. In addition to having 86 branches in Lebanon, it has an important presence abroad. Here are the countries where Byblos Bank operates branches: United Kingdom, France, Belgium, Armenia, Cyprus, the United Arab Emirates, Syria, Iraq, Sudan, Nigeria, and the Democratic Republic of the Congo. Rank: 74 Sales: $1.5 B Profits: $165 M Assets: $20.8 B Market Value: $956 M