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Lebanese banks considering withdrawing from Cyprus
- Lebanon: Saturday, March 30 - 2013 at 02:12
François Bassil, the chairman of Lebanese lender Byblos Bank has said most Lebanese banks operating in Cyprus are planning to either shut down or drastically reduce the scope of their operations on the island, as Cypriot and foreign depositors began withdrawing small portions of their deposits Thursday, The Daily Star has reported. "We opened our branch in Cyprus in 1984 so it could be a bridge for Byblos Bank to Europe and to serve our Lebanese and Syrian clients on the island. But I don't see a reason why we should maintain our presence in Cyprus," the chairman of Byblos Bank François Bassil told the daily. Currently, 12 Lebanese banks have branches or representative offices in Cyprus.
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