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BLOM's Syrian unit hit by unrest
- Lebanon: Wednesday, November 21 - 2012 at 04:27
Saad Azhari, general manager of Lebanese lender Blom Bank has said Syria's civil war has shrunk the operations of Lebanese bank affiliates operating there, but the parent banks are coping with the damage thanks to careful provisioning, Reuters has reported. Deposits at Blom's Syrian subsidiary, BSO, had plunged to $700m from $1.8bn at the beginning of last year, before the uprising began, while loan portfolio in Syria has dwindled to $210m from $670m, Azhari said. The banks in Lebanon that have operations or have affiliates in Syria - the size of their Syria affiliates has diminished sharply," Azhari said.
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