The banks of Lebanon represent a unique opportunity in the international banking system. The explosive growth of their neighboring countries is creating a spillover effect to their own banking system growth. To gain a competitive advantage in this industry, proper banks in Lebanon education and training is necessary. An education on the basics of the banks in Lebanon can provide an excellent knowledge base to help you navigate the industry. However, to establish a serious working relationship or a real corporate presence in Lebanon, you'll need a more formal banking education.

The training for Lebanese banks is available through a variety of sources. These avenues to obtain this education can range from the academies, which service commercial banks in Lebanon to associations within the region. Without any training or educational foundation in the Lebanese banking system, your company would essentially be flying blind in a complicated banking environment. Therefore, before you invest any capital or time in a Lebanese banking education there are a few items to consider:

1. Review the basic structure of banking in Lebanon.

2. Enroll in academy of Lebanon banks training courses.

3. Contact the associations to which these Lebanese commercial banks belong.

Action Steps
The best contacts and resources to help you get it done

Examine the essential elements of the Lebanon commercial banks

In order to gain a proper understanding of commercial banks in Lebanon, you'll first need to know just how they operate. Besides the day-to-day operations, it's also important to know the stability of the Lebanese economy and the banking system prior to investing in educational courses.

I recommend: Evaluate the Lebanese banking system tutorial from Maps of World. Study the quarterly economic report available at The World Bank. Assess the economic and financial data from the Bank of Lebanon.

Register for academy training classes for the Lebanon banking system

While Lebanese banks do not provide direct training for people living outside their borders, academies in the region offer excellent banking education resources. An integral part of any education is to learn how the banking operates in a world setting. These academies can help with you or your employees learn the intricacies of Lebanese banking system.

I recommend: Contact a representative at the Banker's Academy about education classes specific to Lebanon banks. Examine the bank training resources at The Arab Academy.

Speak to an association of global banks in Lebanon representative

When banking in Lebanon, it's important to learn the latest news and trends. Banking associations within the country are an excellent resource to achieve this objective. In addition, these association offer seminars and training information that can make the transition to the Lebanese banking system much easier.

I recommend: Examine the training services that offered at the Chamber of Commerce, Industry and Agriculture of Beirut and Mount Lebanon. Review the educational classes available at the Association of Banks in Lebanon.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  To make the transition to a new banking culture easier, you may need to contact an international bank in Lebanon that has an office in the United States. That way you won't have the same language and customs barriers as a Lebanese bank.

If you’re thinking of moving to Lebanon or doing business in the country, then finding the right Lebanese bank to handle your financial business is going to be at the top of your To Do list.

Take the time to research Lebanese banks carefully. Volatility in the financial sector of all countries is not uncommon these days. Here are a few things to keep in mind:

1. Collect all of the information you can on commercial banks in Lebanon before you move or conduct any business in the country.

2. Seek help with finding the right bank in Lebanon from people who have already gone through the process. Ask friends, family, expatriates or anyone who has banked in the nation for information regarding the steps you need to take to get things done.

3. Use the largest commercial bank in Lebanon for personal use since they will have the most branches throughout the country as well as provide more services.

Action Steps
The best contacts and resources to help you get it done

Assemble general information on banks in Lebanon

It is important to know all you can about business banking in Lebanon before you begin the process of conducting business in the country. You want to know about the banks policies, foreign investment, the exchange rate and any other information you can think of to make your business transactions easier.

I recommend: The Association of Banks in Lebanon has a list of the major banks throughout the country and is a great resource to learn about the banking industry in Lebanon. LebWeb.com has a list of the biggest banks in Lebanon along with links to their websites.

Contact expatriates for advice on Lebanon banking institutions

If you don't know where to begin when banking in Lebanon, seek out expatriates for advice. They have already made the transition from the US to Lebanon, so they can give you the information you need to begin that process.

I recommend: The Lebanese Inner Circle is a blog where you can find and connect with Lebanese expatriates. Allo Expat has forums where you can communicate with expats and tourists regarding all aspects of life and business in Lebanon.

Use the largest of the Lebanon commercial banks for everyday business

Just as there are benefits to using the big banks here in the US, there are advantages to using the biggest of the Lebanese commercial banks for your everyday banking. Using the largest of the Lebanon banks will give you more access to branches throughout the nation, more access to ATM's as well as just making your transition to Lebanon much easier.

I recommend: Bank Audi in Lebanon and Fransabank are two of the biggest banks in the country and offer the many branches throughout the country.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Pay attention to the actions of the Central Bank of Lebanon. The decisions they make will affect monetary policy, other banks in Lebanon, and the economy as a whole.

Managing the international assets for any company is a challenge and keeping up with the latest news and trends of banking in Lebanon is no different. While the structure of Lebanon commercial banks is somewhat similar to their U.S. counterparts, their customs and regulations can pose unique issues. These issues make it imperative that you track the banks in Lebanon news and trends.

The avenues to monitor the Lebanese banks range from online news sources to banking industry agencies to banking reports. Each of these resources has its strengths and weaknesses. For instance, online news sources provide an almost instant snapshot of the industry but lack the depth to compile an accurate trend model. However, detailed banking reports can give you this depth but take longer to compile. That's why it's a good idea to use all these resources in concert to follow the news and trends. However before you begin the research there are few items that could aide in this effort:

1. Review the banking in Lebanon online news feeds for news and trends.

2. Utilize international and banks of Lebanon industry resources to obtain news and spot trends.

3. Purchase wide-ranging industry reports on the Lebanon banks.

Action Steps
The best contacts and resources to help you get it done

Examine the online news resources specializing in the commercial banks in Lebanon

These news feeds act effectively as search engines for you. These sites scour the Internet for news related to banks in Lebanon and collect them all in one place. This saves the time and effort of having searched each bank or news website.

I recommend: EIN News offers a Lebanon banking feed, which searches for current industry news. Evaluate the online news information available at CPI Financial.

Contact international and Lebanon banks for news and trends

Lebanese commercial banks such as the intercontinental bank of Lebanon give you a small view of the industry. To get a larger and comprehensive view, it's best to use international and local resources in combination.

I recommend: Speak to a representative at the Association of Banks in Lebanon and request the latest industry data. For a global view of the banks in Lebanon, you can use the news and information available at the World Bank. Maybe the most important resource is the Central Bank of Lebanon, which controls all monetary policy in the country.

Obtain reports on Lebanese banks for a comprehensive view of the industry

Compiling all these news and trends to where it becomes viable industry intelligence can be difficult. It's often much easier to purchase a ready-made report that you can then use to spot trends within the industry.

I recommend: Assess the global banks in Lebanon report from the Bharat Book Bureau. The Financial Times also provides a breakdown of regional trends that's free but not nearly as thorough as the above report.

Since the re-establishment of peace in Lebanon in 1991, the country’s banks have made great strides to improve the way its banking industry operates. Today, the country boasts 55 active commercial and 12 specialized banks with 872 branches country-wide. If you are relocating or just doing business while visiting this country it is important to understand some basic terminology used by banks in Lebanon.

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Lebanese currency

The currency used in this country is the Lebanese Pound (LBP), which equals 100 piasters. A piaster is similar to the American penny. There are 250, 500 and 1000 pound coins. Banknotes come in 500, 1000, 5000, 10000, 20000, 50000, and 100000 pounds, or Lira in Arabic. These bills come in different sizes for different amounts to make it easier for the visually impaired to know the value of each bill.

I recommend: GoCurrency offers the history of the Lebanese pound.

Expatriate

Expatriates are citizens who have opted to live in a country other than the one in which they legally reside. An expatriate differs from an immigrant in that most of them do not intend to stay in their new country for an extended period of time. Americans, or expatiates, can take advantage of US bank presence in Lebanon.

I recommend: Buyusa gives an overview of the Lebanese banking system and lists banks operating in Lebanon.

Banking secrecy law

Under bank secrecy, or bank privacy, financial institutions are permitted to conceal personal information pertaining to their customers. This is done through a variety of means, such as numbered bank accounts. Bank secrecy laws are most effective in tax havens where offshore banks adhere to voluntary or legal levels of privacy.

I recommend: Banque Du Liban provides a definition of Lebanon’s banking secrecy law.

Exchange rate

An exchange rate is the current market price for which the currency of one country can be exchanged for that of another. In some cases exchange rates are fixed. The majority of the time however, they fluctuate or float on a daily basis. Daily exchange rates can be found in the financial section of most newspapers and on financial websites.

I recommend: IndexMundi explains the exchange rate for the Lebanese pound.

Dirty float

The term dirty float applies to a floating exchange rate in which the country's government intercedes, with some regularity, to alter the direction of the currency's value. This is done by trading currencies.

I recommend: Investopedia provides several definitions for dirty float.