Assali is confident about Lebanon’s healthy banking system.
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Non-organically, we are looking into acquiring at least a medium-size bank with large balance sheets and many branches in the country," Fadi Assali told The Daily Star in an exclusive interview.But he emphasized that Cedrus is not currently negotiating with any bank although it's keeping a close eye on any good prospect in the future.In February 2015, Cedrus Invest Bank acquired the commercial and retail operations of Standard Chartered in Lebanon.Assali stressed that the bank did not yet make a profit this year due to the fact that Standard Chartered in Lebanon incurred losses in 2014 .At present, the total assets of Cedrus are $208 million, while customer deposits stand around $126 million, and this amount is still considered very small compared to major banks in Lebanon.
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