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Bank of Beirut and Emirates Bank International launch exclusive Home Loan Scheme for Lebanese expatriates in UAEBank of Beirut and Emirates Bank International have launched an exclusive new home loans scheme to help Lebanese expatriates in the United Arab Emirates buy their dream home in Beirut. The new housing loan is designed to provide finance to buy an apartment in Lebanon and is primarily targeted at Lebanese nationals who now live in the UAE. The loans are spread over a seven-year period on monthly installments and allow individuals to borrow between $US 25,000 and $US 100,000. Mr Salim G Sfeir, Chairman and General Manager, Bank of Beirut, explained: "This is the first time we have offered this type of special housing loan outside of Lebanon. Our decision to introduce it in the UAE reflects the growing demand from the Lebanese expatriate community here who want help to buy apartments in their homeland and for a feeling of a social obligation towards our community in the Emirates." The new loan is part of the range of special financial services now available for customers in the UAE and the Gulf from the Bank of Beirut and its partner Emirates Bank International. Mr Anis Al Jallaf, Managing Director and CEO, Emirates Bank Group, said: "The launch of this new product is further evidence of the successful partnership we are forging with the Bank of Beirut to offer a wider and more comprehensive range of banking services to our customers. "This is an excellent opportunity for both Bank of Beirut and Emirates Bank International to jointly promote their services and increase their customer base among such an important element of the UAE population." Customers who want to take out the new housing loans can get information by calling directly the international department in the Head Office of Emirates Bank International in Deira, Dubai. Mrs. Balsam Al Khalil El Husseini, Manager, Business Development, UAE and Gulf region, Bank of Beirut, added: "To be eligible to take this loan, company employees should have spent more than two years in their current employment, or be self employed professionals with a regular income who have been working in the same occupation for the past three years. "We know that many Lebanese expatriates dream of buying apartments in Beirut that will provide them with a home when they eventually return home to the Lebanon. This new housing loan is designed to help them fulfil that dream." Bank of Beirut is now one of the top 10 financial institutions in Lebanon following the acquisition of Transorient Bank in 1998 and has a network of 31 branches. Emirates Bank Group, the parent company of Emirates Bank International, has a 10 per cent equity stake in the Bank of Beirut. The association between the two financial organisations means that customers of both banks now have access to convenient modern banking services including dual accounts and cross-border ATM usage and credit card facilities. Bank of Beirut is a professionally managed bank which offers a full range of commercial and consumer banking services through its vast network of 31 branches covering most of the Lebanese territory. Bank of Beirut is one of five banks listed on the Beirut Stock Exchange. The Emirates Bank Group provides a comprehensive range of commercial, retail and investment banking, insurance products, card services and property development and management to clients in the UAE and overseas. The Group's companies include Emirates Bank International, Middle East Bank, Emirates Financial Services, Emirates Merchant Bank, Union Properties, Network International, Diners Club (UAE) and National General Insurance. Procedure for Housing Loans From Bank Of Beirut For further information about the new housing loan programs email Bank of Beirut at BankOfBeirut@Lebanon.com |
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