Question 1

What is BLOM Bank?

Accepted Answer

BLOM Bank (Banque du Liban et D'Outre Mer) is a major Lebanese commercial bank headquartered in Beirut. It is one of Lebanon's largest banks and the second-largest by total assets. The bank provides a comprehensive range of banking services including commercial banking, corporate banking, private banking, investment banking, retail banking, Islamic banking, asset and wealth management, capital market services, and insurance products. BLOM Bank operates through a network of subsidiaries and branches across 11 countries worldwide, serving both domestic and international markets with a particular focus on the Lebanese diaspora.

Question 2

When was BLOM Bank founded?

Accepted Answer

BLOM Bank was established in 1951 during a booming period in the Lebanese banking sector. The bank was founded by Hussein Al Oweini, a prominent Lebanese politician and businessman who served as both finance minister and prime minister between 1948 and 1965, along with other notable figures including Boutros Khory (former head of Lebanon's Economic Councils) and Philip Takla (who later served as Lebanon's central bank governor).

The founders aimed to develop business links between Lebanon and the diaspora community, particularly in Brazil. The bank's starting capital was drawn from its founders and directors, as well as various foreign governments including Saudi Arabia, France, and Brazil.

Question 3

Where is BLOM Bank headquartered?

Accepted Answer

BLOM Bank is headquartered at Verdun Rachid Karami Street, Blom Bank Building, in Beirut, Lebanon. The bank maintains its primary operations in the Lebanese capital, with regional offices and subsidiaries spread across multiple countries in the Middle East, Africa, Europe, and beyond.

Question 4

Where does BLOM Bank operate?

Accepted Answer

Within Lebanon, BLOM Bank operates an extensive branch network serving all major cities and regions. The bank expanded its operations beyond Beirut shortly after its establishment, opening a branch in Jeddah, Saudi Arabia, by 1953.

Today, the BLOM Bank Group has a presence in approximately 11 countries worldwide, with operations concentrated in the Middle East, North Africa, and Europe. This international expansion was particularly accelerated during the Lebanese Civil War to cater to the needs of the Lebanese diaspora.

Question 5

What services does BLOM Bank offer?

Accepted Answer

BLOM Bank provides a comprehensive suite of financial services including commercial banking for businesses, corporate banking for large enterprises, private banking for high-net-worth individuals, and retail banking for consumers. The bank offers investment banking services, Islamic banking products, and asset and wealth management solutions.

Additional services include capital market operations, insurance products, and specialized financial services. The bank's operations are supported by digital banking channels, enabling customers to access banking services through modern technology platforms.

Question 6

What makes BLOM Bank unique?

Accepted Answer

BLOM Bank distinguishes itself as one of the first Lebanese banks to expand internationally, opening operations abroad as early as 1953. The bank was the first in the Arab World to sign the Investors for Governance and Integrity (IGI) Declaration, committing to governance and integrity rating guidelines.

BLOM Bank joined the UN Global Compact in December 2014, committing to its ten principles and submitting annual Communication on Progress Reports. The bank acquired HSBC's Lebanese subsidiary in 2017, significantly expanding its domestic market presence. BLOM Bank adopted its current brand name in 2000, modernizing its identity while maintaining its historic roots.

Question 7

What type of financial institution is BLOM Bank?

Accepted Answer

BLOM Bank is a universal bank that operates as a publicly listed commercial banking institution. The bank's shares are listed on both the Beirut Stock Exchange and the Luxembourg Stock Exchange.

As of September 2023, major shareholders include The Bank of New York (34.37%), Banorabe S.A., SPF (18.73%), and several prominent Lebanese families including the Azhari Family (7.53%), Chaker Family (4.83%), Saade Family (2.55%), Jaroudi Family (2.17%), and the Khoury Family (1.80%). The bank combines traditional Lebanese banking expertise with international banking standards and practices.

Question 8

How is BLOM Bank governed?

Accepted Answer

BLOM Bank has maintained stable leadership throughout its history. Syrian banker Naaman Azhari became general manager in 1962 and chairman of the board and general manager in 1971. In 2007, Dr. Naaman Azhari was appointed chairman of BLOM Bank Group, serving until 2020 when he became honorary chairman.

His son, Saad Azhari, currently serves as chairman of the board and general manager of BLOM Bank. The bank's board includes members from prominent business families and former government officials, including Fahim Mo'dad, who formerly served as second vice governor at Banque du Liban (Lebanon's central bank) from 1993 to 2003.

Question 9

What is BLOM Bank's market position?

Accepted Answer

According to 2018 data, BLOM Bank is Lebanon's second-largest bank by total assets behind Bank Audi. The bank has over 5,000 employees and maintains significant assets under management.

In January 2021, the bank demonstrated its strategic portfolio management by selling its Egyptian subsidiary to Bank ABC of Bahrain for $427 million. This transaction reflected the bank's ongoing efforts to optimize its regional presence and focus on core markets while maintaining its position as a leading financial institution in Lebanon and the broader Middle East region.

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About BLOM Bank in Lebanon