What motivated Blom Bank to make those moves?
Blom Bank was originally called Banque du Liban et d’Outre-Mer or the Bank of Lebanon and Overseas, so we have always had a presence outside Lebanon. We have a presence in 12 countries, including Saudi Arabia and Qatar, where we will be fully operational within two months. Is it a long process applying for licences to open branches overseas? I ask because some banks seem to prefer to acquire stakes in other banks abroad rather than go through what can become something of an arduous and long, drawn out process involving a lot of red tape. We got the licence to move into Saudi Arabia at the end of January and it took around a year and a half before we got the licence to operate there. It took around a year to get the licence for Qatar, which we received in April. It takes time because a lot of documentation is required before the approval is given and that can be delayed if some document or other is missing. Then, when you get the approval you have to scout around for a location, find th
