BBAC, in the person of its Chairman and General Manager Sheikh Ghassan Assaf, participated in Cyprus-Lebanon Business Forum, which was held in Limassol-Cyprus, from February 19 till February 21, with the participation of Cypriot ministers, more than 250 businessmen from Lebanon and Cyprus, as well as economic sectors’ representatives from both countries.

BBAC’s Chairman and General Manager Sheikh Ghassan Assaf represented Lebanese banks in the forum. The delegation of Lebanese Banks Association, headed by BBAC, participated in the forum due to its importance in promoting the bilateral business relations between Cyprus and Lebanon, creating opportunities to boost investment, generating new jobs, facilitating the work of investors and building a communication network between participants from different countries.

In his speech, Sheikh Assaf stressed the strong ties between Lebanon and Cyprus, and the role Cyprus played as a safe haven for people fleeing for safety from Lebanese war.

Sheikh Assaf also spoke about the Lebanese banking system; its services and the growth of the sector in terms of expansion, increasing balance sheets and capitals, and the role played by this sector, he said: "The Lebanese banking sector is a very prominent and a vibrant sector in Lebanon and is the main driver of the economy. It is no secret that the sector is also facing many challenges nowadays. However, we are confident that the Lebanese banking sector will surmount all of these challenges as it has done so successfully, time and time again in the past.”

Sheikh Assaf’s speech highlighted as well Lebanese banks operating in Cyprus, and the opportunities the end of Cyprus’s 2013 financial crisis created for Lebanese investors, and so he said: “The destinies of our two countries, Lebanon and Cyprus, have been intertwined in hardship and in success. For decades the people in both countries have continuously built bridges of cooperation that resulted in stronger, cultural, economic and social ties. At BBAC, we are proud to be the builders of one of those bridges that have stood strong for 3 decades.”

He added:  “A while ago, we celebrated the bank's 30th Anniversary of presence in Cyprus, by inaugurating our new building in Limassol with the honorable presence of His Excellency the President of the Republic Mr. Nicos Anastasiades and the Central Bank Governor Mrs. Chrystalla Georghadji. Their personal attendance and participation was a strong sign of encouragement to us which surely extends to all Lebanese banks operating in Cyprus.”

It is worth mentioning that this forum will contribute to the growth potential of Cyprus, through increasing Lebanese investments in Cypriot banking or real estate or tourism sectors in addition to other sectors, where the Cypriot market provides the Lebanese business community a good platform to invest in a safe and stable environment.