Byblos responds to downgrade
In response to a recent report on Byblos Bank by HSBC downgrading it to a “Sell”, and forecasting a further profit drop of 3.1 percent to $45.3 million in 2001, Byblos Bank Vice-Chairman Semaan Bassil declared that the bank would attempt to maintain the same level of profits as the previous year despite the continued economic slowdown.
Bassil emphasized that the bank has already taken steps to increase liquidity, enhance its risk management, develop fee-and commission-based services and generally offer a wider range of consumer loans. — ( Banque du Liban et d'Outre-Mer Sal )
© 2001 Mena Report (www.menareport.com)