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BLOM BANK (
French French (french: français(e), link=no) may refer to: * Something of, from, or related to France ** French language, which originated in France, and its various dialects and accents ** French people, a nation and ethnic group identified with Franc ...
: Banque du Liban et D’Outre Mer; Arabic: بنك لبنان والمهجر) is a
Lebanese Lebanese may refer to: * Something of, from, or related to the Lebanese Republic * Lebanese people The Lebanese people ( ar, الشعب اللبناني / ALA-LC: ', ) are the people inhabiting or originating from Lebanon. The term may al ...
bank established in 1951 and has been frequently selected as the Best Bank in Lebanon by the most recognized regional and international financial institutions such as
Euromoney ''Euromoney'' is an English-language monthly magazine focused on business and finance. First published in 1969, it is the flagship production of Euromoney Institutional Investor plc. History and profile ''Euromoney'' was first published in 19 ...
and The Banker. Its business operations are based on a universal banking model that includes: Commercial Banking, Corporate Banking, Private Banking,
Investment Banking Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated wit ...
,
Asset Management Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...
,
Retail Banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
,
Islamic Banking Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economic ...
, Brokerage Services, and Insurance Products and Services.


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. 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, The Group is present in 11 countries across the world. On the leadership level, Naaman Azhari became the General Manager of the Bank in 1962 and Chairman of the Board and General Manager in 1971. 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. The bank adopted BLOM BANK as its brand name in 2000 and acquired the Lebanese subsidiary of HSBC Bank Middle East in 2017. As of 2016, it was "Lebanon's First-largest bank by market capitalisation."


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.


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. As a next step to signing the UNGC, the Board of Directors approved, in April 2015, the establishment of a “Sustainability 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 Sustainability policies and programs, and the Bank’s social responsibility performance. 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 footprint on the environment including paper recycling and reduction practices, a waste segregation program, a sustainable procurement policy, and an energy consumption reduction plan. 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. 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. Following the 17 October Revolution, the bank was declared bankrupt https://www.middleeasteye.net/news/lebanon-zombie-banks-broke-no-one-wants-admit


See also

* List of banks in Lebanon * Byblos Bank *
Audi Bank Audi AG () is a German automotive manufacturer of luxury vehicles headquartered in Ingolstadt, Bavaria, Germany. As a subsidiary of its parent company, the Volkswagen Group, Audi produces vehicles in nine production facilities worldwide. The o ...
* Economy of Lebanon


References

{{DEFAULTSORT:BLOM Bank Banks of Lebanon Companies based in Beirut 1951 establishments in Lebanon Banks established in 1951 Companies listed on the Beirut Stock Exchange