Lebanese Banks Association building in Beirut. (The Daily Star/Mahmoud Kheir)
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The two rival lists contesting elections at the Association of Banks in Lebanon have intensified contacts in a last ditch effort to secure enough votes to win all or most of the board's seats Friday. The first list is headed by current President Joseph Torbey and is backed mainly by the country's 10 largest banks, while the second list is headed by Bank of Beirut Chair Salim Sfeir, who is keen to push his reform program at the prestigious and powerful association.According to ABL's website, the association aims to achieve the following objectives: strengthening cooperation among the member banks through setting up a common vision for the higher interests of the sector, representing the profession and collectively defending the interests of the banking sector, highlighting the fundamental role of banks in upholding the national economy through catering for an important share of the necessary financing needs to promote growth, working with the concerned authorities to find and develop the regulations and promulgate legislation in order to develop the banking profession, and expressing opinions regarding the projects and laws pertaining to the financial and banking affairs.Sfeir chaired a meeting of the members of the "Change Committee" list, which will contest the elections for the board of directors of the association Friday.
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