BLOM Bank

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BLOM Bank
Public
Traded as Beirut Stock Exchange
Industry Banking
Founded 1951
Headquarters Rue Verdun, Beirut, Lebanon
Products Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management
Revenue Increase US$ 2.35 billion (2016)
Increase US$ 458.3 million (2016)
Total assets Increase US$ 29.52 billion (2016)
Number of employees
Increase 4357 (2016)
Website http://www.blombank.com http://www.blomretail.com

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]

History[edit]

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 second-largest bank by market capitalisation."[8]

It sponsors the Beirut Marathon.[9]

Operations[10][edit]

BLOM Bank SAL, together with its subsidiaries, provides retail, commercial, investment, and private banking services in Lebanon, Europe, the Middle East, and North Africa. The company’s Retail Banking segment offers deposits, housing loans, consumer loans, credit cards, funds transfer and foreign exchange services, and other branch related services. Its Corporate Banking segment provides loans and other credit facilities, trade finance, and deposit and current accounts for corporate and institutional customers. The company’s Treasury, Money and Capital Markets segment offers treasury and investment products and services to investors and other institutional customers. Its Asset Management and Private Banking segment primarily provides investment products and services to institutional investors and intermediaries. The company also offers insurance products and services, such as life insurance, including term life, education plans, retirement plans, and investment products; medical insurance comprising hospitalization plans and out-hospital plans; and motor insurance consisting of all risk, third party liability, and orange card.

Bank's Network and Subsidiaries[11][edit]

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.

Corporate Social Responsibility[edit]

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.[12] 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.[13]

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.[14]

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.[15]

References[edit]

  1. ^ "Euromoney Middle East Awards for Excellence 2016 winners revealed". 
  2. ^ "Bank of the Year Awards 2016 – Middle East". 
  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. ^ a b "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. ^ Brune, Adrian (February 25, 2017). "Racing to Rebuild the Middle East". Foreign Affairs. Retrieved February 26, 2017.   – via Foreign Affairs (subscription required)
  10. ^ "Company Overview of BLOM Bank SAL". Bloomberg. 
  11. ^ "BLOM Bank: Lebanon’s most trusted partner". The European. 
  12. ^ "UN Global Compact Website". UN Global Compact Website. 
  13. ^ "BLOM Bank Annual Report" (PDF). BLOM Bank Website. 
  14. ^ "CSR: A growing trend in Lebanon's banks, businesses and schools". An Nahar Website. 
  15. ^ "AFE Attends the Investors for Governance and Integrity Declaration". Arab Federation of Exchanges.