Fransabank has been awarded Lebanon’s
Best Bank for Asia in the 2019 by Asiamoney, a financial publication,
and a brand of Euromoney Institutional Investor, during Asiamoney's Middle East
Best Banks for Asia Awards ceremony held in in Hong Kong
on the 25th March 2019.
“Fransabank,” as stated by Asiamoney, “can
claim a number of impressive firsts in Asia.”
In its report, Asiamoney mentions that
Fransabank was the first Lebanese bank to establish a China desk, capable of
handling all transactions flowing between the two countries, including those
priced in renminbi. “The desk plays an integral role in finding viable inbound
projects for Chinese firms, and identifying mainland partners for its local
clientele.”
“The Beirut-based lender, chaired by HE Mr. Adnan Kassar, was
chosen in July 2018 as one of just five founding members of the China-Arab
Countries Interbank Association, a multilateral group created by China
Development Bank, which aims to channel up to $3 billion into development deals,”Asiamoney
cited.
In November 2018, Fransabank was the first Lebanese lender to join
the Asian Financial Cooperation Association, a China-led non-profit
organization that encourages cooperation and communication between financial
institutions from 30 countries. Fransabank also collaborates with UnionPay to
bring the Shanghai-based card payment provider’s first branded credit cards to
Lebanon, with the aim of introducing the service into other Fransabank markets
across the region.
Central to the bank’s strength in Asia is its expanding network of
correspondent banks, which consists of nine lenders across seven Asian markets
– including Japan, Korea, China and India – and is used to offer services
including international trading instruments such as letters of credit, letters
of guarantees, forfaiting, etc.
HE Mr. Adnan Kassar, Chairman of
Fransabank considered that the
recognition adds to Fransabank’s reputation as a leading bank in the Lebanese
financial services industry, as well as a bank with strong and wide regional
and international presence. “We are confident this award will inspire our
group to carry on the legacy of being the preferred banking partner in Lebanon
for Asian and international companies.” Kassar noted.
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End of Press Release
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