Lebanese Bank Association building in Beirut, Friday, May 26, 2017. (The Daily Star/Ahmad Azakir)
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Bank of Beirut president Salim Sfeir is set to break a 23-year-old tradition next week at the Association of Banks in Lebanon when he announces his list for the prestigious association elections, insiders said Tuesday.Sfeir told members of the board that smaller and medium-sized banks must be represented on the board and the practice of a consensual candidate should come to an end.For the past 23 years, the larger banks in Lebanon that have a major share of the market reach an agreement among themselves on a candidate for president without the need for elections.However, Sfeir believes that renewing the term of the current president should come to an end, arguing that this post should not be confined to just one person.The insider close to Sfeir insisted that the candidate is not running for the sake of the post only.
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