BLOM Bank

Source: Wikipedia, the free encyclopedia.
BLOM BANK
Number of employees
2,363+ employees in Lebanon
Websitehttp://www.blombank.com http://www.blomretail.com

BLOM BANK (

brokerage services, and insurance products and services.[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]

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

Following the 17 October Revolution,[15][circular reference] the bank was declared bankrupt[16]

See also

References

Wikimedia Commons has media related to BLOM Bank.
  1. ^ "Euromoney Middle East Awards for Excellence 2016 winners revealed". June 2016.
  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. ISBN 9789294661791
    .
  5. ^ "Al Iqtissad wal Aamal". No. Special Issue. December 2013.
  6. 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. ^ "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.
  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.
  15. ^ 17 October Revolution
  16. ^ "Lebanon's 'zombie' banks are broke, but no one wants to admit it".
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