Lebanese banks cash in on worldwide turmoil
Deposits are rolling in from spooked investors
By Osama Habib
Daily Star staff
Saturday, October 11, 2008
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The credit squeeze in the United States, Europe and some of the oil-rich Gulf countries has convinced many Lebanese expatriates and Arab nationals to transfer parts of their massive assets to Lebanese banks, local bankers said Friday. "The deposit base in some Lebanese banks surged in the third quarter and this trend is continuing.
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