Global Arab Network | Lebanon included in HSBC restructuring plans

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Lebanon included in HSBC restructuring plans

Global Arab Network - - Asif Khalifa

Tuesday, 30 August 2011 00:01

http://www.english.globalarabnetwork.com/images/stories/2009/NOV/HSBC_Bank_Middle_East_HBME.jpg

Global Arab Network - HSBC has embarked on a major global restructuring program that will include its operations in Lebanon, a banking source told DailyStar. “HSBC branches in Lebanon will eventually witness some restructuring as part of the plan set by the administration in London,” the source said.

This restructuring may include laying off some staff and even closing some branches.

Europe’s largest bank announced in August of this year that it intends to lay off 30,000 employees over the next 10 years. But HSBC Lebanon chief executive officer Francois Pascal de-Maricourt assured The Daily Star in an interview over the telephone that he was quite satisfied by the performance of his bank in Lebanon, stressing that HSBC has been one the first banks to operate in Lebanon, opening over 50 years ago.

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