BLOM Bank

BLOM BANK
Company typePublic
Beirut Stock Exchange
IndustryBanking
Founded1951
HeadquartersRue Verdun,
Beirut
,
Lebanon
ProductsCredit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management
Number of employees
2,363+ employees in Lebanon
Websitehttp://www.blombank.com http://www.blomretail.com

BLOM BANK (French: Banque du Liban et D’Outre Mer; Arabic: بنك لبنان والمهجر) is a Lebanese bank established in 1951 and headquartered in Beirut.[1] Providing banking services such as "commercial, corporate, private, investment, retail, Islamic banking, asset and wealth management, capital market services, and insurance products,"[2] BLOM Bank is one of Lebanon's largest banks and has its shares listed on the Beirut Stock Exchange and the Luxembourg Stock Exchange.[3]

History

BLOM BANK started operating in 1951 in Beirut. Its establishment coincided with a booming period in the banking sector in Lebanon. One of the founders was Hussein Al Oweini, a Lebanese politician and businessman.[4] By 1953, BLOM BANK started expanding and opened a branch in Jeddah, KSA. As the Lebanese Civil War broke out, BLOM BANK’s operations abroad increased to cater for the needs of the Lebanese diaspora. Today, the group is present in 11 countries across the world.[5] On the leadership level, the Syrian banker, Naaman Azhari, became the general manager of the bank in 1962 and chairman of the board and general manager in 1971.[6] In 2007, Dr. Naaman Azhari was appointed chairman of BLOM BANK Group, and honorary chairman of BLOM BANK Group in 2020, while his son, Saad Azhari, became chairman of the board and general manager of BLOM BANK.[7]

The bank adopted BLOM BANK as its brand name in 2000 and acquired the Lebanese subsidiary of HSBC Bank Middle East in 2017.[8]

According to data from 2018, BLOM Bank is Lebanon's second largest bank by total assets behind Bank Audi.[9]

Bank's network and subsidiaries

The Group conducts its worldwide operations through a network of banking and financial units, either directly or through its subsidiaries.

In January 2021 the company sold its Egyptian subsidiary to Bank ABC of Bahrain for $427 million.[10]

Sustainability

In terms of sustainability, BLOM BANK joined, in December 2014, the UN Global Compact committing to respect its ten principles, to take action in support of UN Goals and to submit annually a Communication on Progress Report.[11]

On the corporate governance level, BLOM BANK is the first bank in the Arab World to sign the Investors for Governance and Integrity (IGI) Declaration, committing thus to implement the Governance and Integrity Rating guidelines and recommendations and nurturing ethical behavior.[12]

Ownership

As of September 2023, BLOM Bank is primarily owned by The Bank of New York (34.37%), Banorabe S.A., SPF (18.73%), as well as the Azhari Family (7.53%), Chaker Family (4.83%), Saade Family (2.55%), Jaroudi Family (2.17%) and the Khoury Family (1.80%).[13]

See also

References

Wikimedia Commons has media related to BLOM Bank.
  1. ^ "BLOM BANK". Cbonds. Global Bond Data FZE. Retrieved 15 August 2024.
  2. ^ "Blom Bank S A L (Lebanon)". EMIS. ISI Emerging Markets Group Company. Retrieved 15 August 2024.
  3. ^ Ernst & Young p.c.c.; BDO, Semaan, Gholam & Co. "Independent Auditors' Report To The Shareholders Of BLOM Bank SAL" (PDF). Beirut Stock Exchange. p. 11. Retrieved 15 August 2024.{{cite web}}: CS1 maint: multiple names: authors list (link)
  4. ^ Joseph Daher (2022). "Lebanon, how the post-war's political economy led to the current economic and social crisis". Middle East Directions (3): 14. doi:10.2870/824020. hdl:1814/73856. ISBN 9789294661791.
  5. ^ "Al Iqtissad wal Aamal". No. Special Issue. December 2013.
  6. ^ Publications, Publitec (2011-12-22). Who's Who in the Arab World 2007-2008. Walter de Gruyter. ISBN 978-3-11-093004-7.
  7. ^ "Forbes Middle East". No. 48. June 2016.
  8. ^ "Company Overview of BLOM Bank SAL". Bloomberg L.P. Retrieved February 26, 2017.
  9. ^ "TEN LEBANESE BANKS EMERGE AMONG TOP 1,000 BANKS IN THE WORLD IN 2018". No. Economic Research Unit. Credit Libanais. 25 November 2019. Retrieved 15 August 2024.
  10. ^ "Bank ABC acquires Blom Bank Egypt for $480 million - sources". 2021-01-14. Retrieved 2021-01-15.
  11. ^ "UN Global Compact Website". UN Global Compact Website.
  12. ^ "AFE Attends the Investors for Governance and Integrity Declaration". Arab Federation of Exchanges.
  13. ^ "Major Common Shareholders". BLOM Bank. 30 September 2023.