BLOM Bank

BLOM Bank (Banque du Liban et D’Outre Mer; بنك لبنان والمهجر) is a Lebanese bank established in 1951 and has been repeatedly selected as the Best Bank in Lebanon by several financial institutions such as Euromoney[1] and The Banker.[2] Its business operations are based on a universal banking model that includes: Commercial Banking, Corporate Banking, Private Banking, Investment Banking, Asset Management, Retail Banking, Islamic Banking, Brokerage Services, and Insurance Products and Services.[3]

BLOM Bank
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
Revenue US$ 2.78 billion (2017)
US$ 731.55 million (2017)
Total assets US$ 49.06 billion (2017)
Number of employees
 4357 (2016)
Websitehttp://www.blombank.com http://www.blomretail.com

History

BLOM BANK started operating in 1951 in Beirut. Its establishment coincided with a booming period in the banking sector in Lebanon. 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 need of the Lebanese diaspora. Today, BLOM BANK is present in 12 countries across the world.[4] On the leadership level, Dr. Naaman Azhari became the General Manager of the Bank in 1962 and Chairman of the Board and General Manager in 1971. In 2008, Dr. Naaman Azhari was appointed Chairman of BLOM BANK GROUP while his son, Mr. Saad Azhari, became Chairman of the Board and General Manager of BLOM BANK[5] and also serves as Vice-President of the Association of Banks in Lebanon.[6]

It changed its name to BLOM Bank in 2000.[7] It acquired the Lebanese subsidiary of HSBC Bank Middle East, to be approved by the Banque du Liban.[8]

As of 2016, it was "Lebanon's First-largest bank by market capitalisation."[8]

Bank's Network and Subsidiaries

BLOM BANK is currently present in the following 12 countries: Lebanon, Jordan, UAE, France, UK, Switzerland, Romania, Cyprus, Egypt, Qatar, Iraq, and Saudi Arabia. It conducts its worldwide operations through a network of banking and financial units, either directly or through its subsidiaries.

  1. Banks and Financial Subsidiaries: BLOM BANK France, BLOM BANK (Switzerland), BLOM BANK Egypt, Blom Egypt Securities, BLOM BANK Qatar, BLOMINVEST Saudi Arabia, BLOMINVEST BANK, and BLOM DEVELOPMENT BANK (Islamic Bank).
  2. Insurance Subsidiaries: Arope Insurance, Arope Insurance of Properties and Responsibilities – Egypt, Arope Life Insurance – Egypt, and Blom Securities – Jordan.

[9]

In January 2021 the company sold it's Egyptian subsidiary to Bank ABC of Bahrain for $480 million.[10]

Corporate Social Responsibility

In terms of Corporate Social Responsibility, BLOM BANK joined, on December 26, 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] As a next step to signing the UNGC, the Board of Directors approved, in April 2015, the establishment of a “Corporate Social Responsibility Committee” which is an advisory and consultative body with a primary purpose of assisting the Board of Directors in fulfilling its oversight responsibilities in relation to the Bank’s social responsibility policies and programs, and the Bank’s social responsibility performance.

Also as part of the Corporate Social Responsibility, BLOM BANK offers various programs and projects that complement its adopted policies. On the environmental level, BLOM BANK adopts numerous policies aiming to reduce the bank’s fingerprint on the environment including a paper recycling and reduction policy, a waste recycling policy, a sustainable procurement policy, and an energy consumption reduction policy.[12]

On the social level, BLOM Shabeb Program is deployed as a platform that helps the Lebanese young generation plan their education and facilitate their career choice to ensure a successful future thus empowering our youth.[13]

On the economic level, BLOM MasterCard “Giving Card”, was deployed in collaboration with the Lebanon Mine Action Center, a unit in the Lebanese Army, to assist in the removal of mines and cluster bombs.

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.[14]

References
  1. "Euromoney Middle East Awards for Excellence 2016 winners revealed".
  2. "Bank of the Year Awards 2016 – Middle East". Archived from the original on 2019-01-14. Retrieved 2017-04-27.
  3. "BLOM BANK Website, Overview section".
  4. "Al Iqtissad wal Aamal" (Special Issue). December 2013.
  5. "Forbes Middle East" (48). June 2016.
  6. "Association of Banks in Lebanon".
  7. "Company Overview of BLOM Bank SAL". Bloomberg L.P. Retrieved February 26, 2017.
  8. "Lebanon's Blom Bank says to acquire HSBC's Lebanese business by first half of 2017". Yahoo! News. November 16, 2016. Retrieved February 26, 2017.
  9. "BLOM Bank: Lebanon's most trusted partner". The European.
  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. "BLOM Bank Annual Report" (PDF). BLOM Bank Website.
  13. "CSR: A growing trend in Lebanon's banks, businesses and schools". An Nahar Website.
  14. "AFE Attends the Investors for Governance and Integrity Declaration". Arab Federation of Exchanges.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.