Bank of Beirut and the Arab Countries s.a.l (, not to be confused with Bank of Beirut) is a Lebanese commercial bank that was established in 1956.[1] With its headquarters 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 have 39 branches in Lebanon and 5 abroad[3] in Cyprus, Iraq[4] and representative offices in the UAE, and Nigeria.[5]
Background
In 1956, three businessmen Tawfiq Assaf, Nach'at Sheikh Al-Ard and Jamal Shhaibir, decided to establish the bank in Beirut, licensed by the Banque du Liban.[6] Upon his death, Ghassan Assaf continued his father Tawfiq Assaf's mission as its current Chairman.[7][3]
In 1986, the bank opened its first branch in Cyprus.[6]
In 2001, the 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.
Shareholders
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
See also
- List of Banks in Lebanon
- Banque du Liban
- Bank Audi
- Byblos Bank
- Fransabank
- Economy of Lebanon
External links
References
- Our Story www.bbacbank.com, retrieved 2021-02-23^
- BBAC (Bank of Beirut and the Arab Countries s.a.l) Beirut.com City Guide, retrieved 2021-02-23^
- بنك بيروت والبلاد العربية يفتتح فرعاً في الحازمية أسواق العرب, 2015-11-18, retrieved 2021-02-23^