Beirut, February 28, 2002
Speech of Dr. Joseph Torbey
President & General Manager - Crédit Libanais SAL
President – Union of Arab Banks
President – Association of Banks in Lebanon
Excellencies,
Mrs. President,
Dear representatives of the press and media,
Ladies and Gentlemen,
I would like to thank all of you who are present here today with us at this press conference, during which I am pleased to announce two major events linked to the Canadian-Lebanese, and Canadian-Arab relations.
The first event is the announcement of the opening of Crédit Libanais’ Representative Office in Montréal, Canada after having obtained the license from the Central Bank of Canada. Our Representative Office shall promote the activities of Credit Libanais in North America.
The second event is the announcement of the decision of the Union of Arab Banks to hold their annual Congress in Montreal, Canada in 2003.
The Board of Directors of Crédit Libanais decided to establish the Representative Office in Montreal, a decision that was highly welcome by the Canadian authorities and by the Government of Québec. In fact, H.E. Prime Minister of Québec, Mr. Bernard Landry expressed his pleasure to that decision during the press conference that was recently held in Montreal to announce the establishment of Credit Libanais’ Representative Office.
Noteworthy mentioning that Montréal attracts a large number of banking and financial institutions, owing to the considerable advantages it offers, not only because of its a regulatory, jurisdiction and fiscal frames, but also due to its high quality of life. Not to mention the existence of a large Lebanese and Arab community – more than 150,000 Lebanese reside in Montreal, and are actively present in all economic, professional and higher education aspects of life.
The strong financial and banking position of Montreal attracted Nasdaq to set up business in the city lately. Moreover, the decision of the Union of Arab Banks to hold its International Congress for the year 2003 in Montreal reinforces the elements of attraction that the city enjoys. It will be a meeting place for Arab bankers, businessmen, economists, central bank governors, ministers to exchange views with their Canadian, European and American counterparts.
Being an agent of the Export Development Corporation (EDC) in Lebanon, Crédit Libanais Representative Office in Canada shall promote the activities of our Bank and offer its services to the banking and financial sectors, as well as to Canadian exporters.
Crédit Libanais aims at reinforcing economic ties with Canada and the rest of the Arab world. The Union of Arab Banks also endeavors to strengthen Canadian-Arab relations and looks at the issue from a strategic point of view in the present conjuncture. The present need for more cooperation is a Canadian and an Arab request at the same time. An economic cooperation can be highly beneficial to both parties, the modern Canadian economy, and the promising economies of the Arab countries.
Finally, I would like to thank the Canadian Ambassador in Lebanon, His Excellency Mr. Haig Sarafian and his team for all the efforts they deployed for a better cooperation between Canada, Lebanon and the Arab World. We also thank Mrs. Andrée Corriveau, President of the International Financial Centre in Montreal and her dynamic team for all the encouragement we received from them, and for the important network of connections they assisted in building, in order to connect us with the most important financial institutions in Canada, and the high centers of decision at the federal and provincial levels.
We reiterate our thanks to the press and media for their usual kind participation to our events.
Thank you.
