Sfeir has received recognition in the U.S. for his leadership.
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Bank of Beirut is seeking to raise the percentage of revenues from its operations abroad to up to 50 percent in the medium term, bank chairman Salim Sfeir said.Bank of Beirut operates in nine countries and four continents. Bank of Beirut is the only Lebanese bank that has expand to Australia, which has proved to be a successful and profitable investment.Sfeir also emphasized that Bank of Beirut had achieved good results despite the difficult situation in Lebanon.As for the banking sector, we are challenged by thinner interest margins due to the high cost of funding and strong competitive local market," Sfeir said.He acknowledged that banking sector profits would be affected by the events in general, but reassured that banks were highly liquid.We are now finalizing an acquisition that serves this objective," Sfeir said.He also commented on efforts by his bank to reduce dependency on income generated from interest revenues. Sfeir said that members of the Lebanese diaspora were still attached to their homeland.
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