Byblos Bank chairman Francois Bassil said Lebanese banks are willing to operate in Iran once the sanctions are fully lifted, adding that Iran has enormous potential.
Speaking to the Central News Agency, Bassil said there had been close cooperation with a number of Iranian banks before the international sanctions were enforced on the country. However, Bassil stressed that Lebanese banks will would make any moves before a decision from the UN Security Council to completely lift the sanctions on Iran.
But some bankers told The Daily Star that Lebanese banks may be the last to move into the Iranian market because they fear that international sanctions may be reintroduced by the UN if Tehran violates any item in the nuclear deal.
They added that Lebanese banks prefer to move cautiously into countries that have high political risks although they acknowledged that Iran has enormous potential and an untapped market.
Bassil said that thanks to the Lebanese banks’ long experience, which they have accumulated over the past years, these lenders can help develop the Iranian banking sector.
“We hope that the Iranian nuclear deal would narrow differences between the Lebanese political parties. I think Iran will be at the same distance to all Lebanese groups in the future,” the banker said.
