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Bank of Beirut and the Arab Countries

From Wikipedia, the free encyclopedia

Bank of Beirut and the Arab Countries s.a.l (Arabic: بنك بيروت والبلاد العربية, not to be confused with Bank of Beirut) is a Lebanese commercial bank that was established in 1956.[1] With its headquarters located in Clemenceau, Beirut, it is among the top ten banks in Lebanon, with a total capital of 157 billion LBP.[2] It provides a wide range of services to individuals and corporations, including private banking, corporate and commercial banking, trade finance, retail banking, treasury and capital markets, and bank assurance.

These has 39 branches in Lebanon and 5 abroad[3] in Cyprus, Iraq[4] and representative offices the UAE, and Nigeria.[5]

Background

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In 1956, three businessmen Tawfiq Assaf, Nach'at Sheikh Al-Ard and Jamal Shhaibir, decided to establish the bank its in Beirut, licensed by the Banque du Liban.[6] Ghassan Assaf, continued his father Tawfiq Assaf's mission as its current Chairman upon his passing away.[7][3]

In 1986, the bank opened its first branch in Cyprus.[6]

In 2001, Bank of Beirut and the Arab Countries acquired 80% of the shares of Capital Insurance and Reinsurance, which allowed the bank to expand its services[6]

In 2006, the bank’s capital was raised to 77 billion Lebanese pounds, with the issuance of preferential shares worth 50 million dollars. The process was repeated (80 million dollars) in 2012, raising his capital to 157 billion Lebanese pounds.[6]

The bank ranks tenth in Lebanon in terms of assets, with 12,247 billion Lebanese pounds in 2018 compared to 10,444 billion pounds in 2017, an increase of 17.26%.[6]

In 2017, the bank's net profits reached 74 billion Lebanese pounds, with a liquidity rate of 79.77% and a capital efficiency of 14.75%, which is higher than the requirements of the local supervisory authorities and international standards. This allows the bank to face the future with confidence.[6]

Shareholders

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Today, the shareholders of BBAC Bank are as follows: The Assaf family 54.45%, Fransabank 37.07%, and minority shareholders 8.48%.[6]

Key People

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  • Sheikh Ghassan Assaf, Chairman.[8][9]

See also

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References

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  1. ^ "Our Story | BBAC". www.bbacbank.com. Retrieved 2021-02-23.
  2. ^ "BBAC (Bank of Beirut and the Arab Countries s.a.l)". Beirut.com City Guide. Archived from the original on 2013-01-17. Retrieved 2021-02-23.
  3. ^ a b "بنك بيروت والبلاد العربية يفتتح فرعاً في الحازمية". أسواق العرب (in Arabic). 2015-11-18. Retrieved 2021-02-23.
  4. ^ "بنك بيروت والبلاد العربية ... اكثر من نصف قرن من "الاهتمام بالفعل"". www.sinaaiktisad.com. Retrieved 2021-02-23.
  5. ^ "Branches and Representative Offices | BBAC". www.bbacbank.com. Retrieved 2021-02-23.
  6. ^ a b c d e f g ""بنك بيروت" والبلاد العربية...وبنك الرعاية". Addiyar. 2019-07-01. Retrieved 2021-02-23.
  7. ^ "شيخ عسان عساف (رئيس مجلس إدارة بنك بيروت والبلاد العربية): السيولة في المصارف اللبنانية جيدة جداً وتراعي كافة المعايير العالمية، ولا خوف على الودائع". Alriyadi / موقع الريادي / Arab Business and Economic News / الأخبار الاقتصادية العربية. Archived from the original on 2021-03-04. Retrieved 2021-02-23.
  8. ^ "BBAC Bank holds reception to mark opening of new branch". The Daily Star Newspaper - Lebanon. 2008-11-13. Retrieved 2021-02-23.[permanent dead link‍]
  9. ^ "BBAC awarded "Best Bank for Banking Services Quality"". Executive Bulletin. 2019-07-12. Retrieved 2021-02-23.
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