Frankfurt: The SANAD Fund for MSME (SANAD) and Bankmed announced on Tuesday the signing of a senior loan facility of US$ 15 million to support the expansion of Bankmed’s lending activities to small and medium enterprises (SMEs) in Lebanon.
SANAD announced that it is pleased to partner with Bankmed, one of the leading banks and an important promoter of economic development in Lebanon, where SMEs constitute the bulk of the Lebanese enterprises and the cornerstone of the country’s economy.
Given the need for additional banking penetration in this sector, Bankmed has geared its efforts towards SMEs by actively working on capturing a large part of this market in an aim to leverage economic opportunities within it.
Bankmed operates a dedicated SME Banking division with a team of specialized relationship managers who cater for all the needs of the bank’s growing SME clientele across Bankmed’s 61 branches in the country and as such, SANAD’s loan facility will support the bank in expanding its financing to appropriately serve this underserved segment, said a statement.
Commenting on the partnership, Wolfgang Reuss, Chairman of SANAD’s Board of Directors, said: “We are very pleased to partner with Bankmed, which is an Alpha group bank with a leading market position and a strong focus on SMEs. Bankmed is therefore an excellent partner to expand much needed financing to SMEs in Lebanon.”
In his turn, Mohamed Ali Beyhum, Bankmed’s Executive General Manager, said: “Bankmed is proud to partner with SANAD. This is an important partnership for Bankmed, and one that will help promote the SME sector throughout Lebanon. It is also in line with Bankmed’s own strategy and leading position in SME lending. We would like to thank SANAD and its investors for the confidence and support they have shown in Bankmed, the Lebanese banking sector, and the Lebanese Economy.”