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The Bank was incorporated as a commercial bank on August 19th, 1963, under the name of “Realty Business Bank s.a.l.” and was registered in the Beirut Commercial Register, under No. 13187 and on the Banks’ List at the Central Bank of Lebanon , under No. 75. The Gefinor Group took control of the Bank in 1970 and renamed it “Bank of Beirut s.a.l.”
During the unsettled period between 1975 and 1990, the Bank’s shareholding changed hands several times, and, in 1980, it was acquired by a group of high net worth individuals none of whom had a banking background. Several years later and as a result of several capital increases, the Bank’s equity became owned by one of the individual shareholders.
In 1993, after the renewed confidence in the country’s economic and political prospects, the Bank was acquired by a group of seasoned bankers and businessmen headed by the current Chairman, Mr. Salim G. Sfeir. As at December 31st 1993, the Bank had only 5 branches and ranked number 23 in terms of assets and 36 in terms of net profits within the Lebanese Banking sector (out of 71 operating banks).
The Bank has currently 2,098 shareholders (Common Shares and Preferred Shares), which include a core group of long-standing shareholders, who together hold a majority of the shares of the Bank. Mr. Salim G. Sfeir has been Chairman General Manager of the Bank since 1993. The Board of Directors of the Bank comprises representatives of the major institutional and individual investors, as well as senior management executives. The Executive Management of the Bank is comprised of individuals with strong banking background who are involved in the running of the day-to-day operations.
Since 1993, the Bank embarked on a carefully studied expansion program, aiming at enhancing its market position while minimizing risks. This was achieved through organic growth as well as a number of transactions ranging from private placements and issuance of Preferred Shares, to entering into strategic alliances with regional Arab banking institutions, and acquiring other institutions.
During the period extending from 1993 until end of 2005, the Bank progressed from the 23rd position in assets in the Lebanese Banking Sector to that being one of the top 6 banks in the country. This growth has been achieved while following conservative risk management policies, particularly through credit risk diversification, steady decrease in relying on sovereign risk instruments, controlling the interest rate risk by reducing mismatch gaps and maintaining important liquidity level in local and foreign currencies, especially by preserving considerable placements with highly rated non-resident banks.
The Bank’s Head Office is located in Foch Street , Bank of Beirut Building, Beirut Central District , Lebanon .
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Overview
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The Bank is one of Lebanon ’s leading commercial banks operating in 6 countries and offering a large range of wholesale and retail banking services. The Bank’s current management has pursued a focused strategy that emphasized growth (whether organic or through acquisitions), innovation in products and services, as well as value creation. The Bank has positioned itself in the local market as the provider of efficient banking services and competitive products, targeting mainly affluent customers and SMEs, and selectively larger capital investment projects and local “prime” corporations. The increase in the Bank’s branch network resulting from the acquisition of operating banking institutions enabled it to cater for and service a larger clientele base. In December 2005, and according to BANKDATA Financial Services WLL, the Bank ranked sixth in terms of total assets and fifth in terms of profitability amongst the 55 commercial local banks that are currently operating in Lebanon .
The Bank’s main activities consist of retail banking services (e.g. consumer lending, savings plans, bancassurance and cards), commercial and corporate banking services (e.g., extending various forms of credit facilities and lending to large corporations and SMEs), trade finance services (Letters of Credit and Letters of Guarantee), correspondent banking services, and treasury and capital markets activities. In 1997, the Bank was the first bank in Lebanon to launch Asset Management services to target high net worth customers in both the domestic and regional markets.
The Bank operates in Lebanon through one of the largest networks, with 43 branches. The Bank is currently in the process of opening additional branches and is using to this effect a highly advanced tool based on Geographic Information System (GIS) having various maps and data sets integrated.
On the international level, and, as a result of the Beirut Riyad Bank s.a.l. acquisition in December 2002, the Bank provides commercial banking services in the United Kingdom and the rest of Europe , through a wholly-owned subsidiary, Bank of Beirut (UK) Ltd, regulated by the FSA. The Bank also operates a branch in Cyprus, regulated by the Central Bank of Cyprus, a Representative Office located in Dubai, United Arab Emirates, to service the Gulf region, a Representative Office located in Lagos, Nigeria, and, more recently, a Representative Office located in Baghdad, Iraq .The Bank also has launched on February 10th, 2007, its new Branch in Muscat, Sultanate of Oman.. |
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