Aug 10 2011 |
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Bank of Beirut awarded 'Best GTFP Issuing Bank in Middle East & North Africa Regional Trade'
Beirut, August 10, 2011: Bank of Beirut , one of Lebanon's leading banks, was awarded the 'Best GTFP Issuing Bank in Middle East & North Africa Regional Trade' at the fourth annual International Finance Corporation ( IFC ) meeting in Istanbul. The meeting was based on IFC 's Global Trade Finance Program (GTFP), launched in 2006 to aid Lebanon-based firms to do business in international markets.
IFC uses its Global Trade Finance Program to help foreign firms and financial institutions feel confident doing business with Lebanese-based companies. The program provides partial or full guarantees against underlying trade instruments and covers the payment risk of participating issuing banks.
The award ceremony, gathering key banks from Lebanon, recognized Bank of Beirut 's credibility and reputation within the market and awarded them with the Best Issuing Bank award for their contribution to the GTFP.
Since the GTFP's inception in Lebanon in 2006, IFC has provided trade finance guarantees worth almost $580 million to financial institutions in the country. The program assists client businesses to access global import and export markets to guarantee that trade and job opportunities are enhanced.
With more than 40 years of history, Bank of Beirut has been able to achieve continuous growth in all main financial indicators, and has grown to become one of Lebanon's leading banks with total assets exceeding 9 billion USD.
Bank of Beirut offers a full range of banking services through an extensive network of 53 branches across Lebanon, and a network of foreign entities: a branch in Limassol - Cyprus, 2 branches in Muscat and Sohar- Sultanate of Oman, a branch in Frankfurt - Germany, a wholly owned subsidiary in London - United Kingdom ( Bank of Beirut (UK) Ltd), a subsidiary in Australia (Beirut Hellenic Bank) with a network of ten (10) branches located in Sydney, Melbourne, and Adelaide, and three Representative Offices located in Dubai - UAE, Lagos - Nigeria and Bagdad - Iraq. In addition, Bank of Beirut operates a wholly-owned Financial Institution (BoB Finance s.a.l.) and an insurance brokerage firm (Beirut Brokers s.a.r.l.), an Insurance company (Beirut Life s.a.l.) and an independent investment bank, ( Bank of Beirut Invest s.a.l.).
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© Press Release 2011
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