Bank of Beirut

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Bank of Beirut S.A.L

Type	Commercial bank
Industry	Banking Financial services Bancassurance
Founded	1963
Founder	Salim G. Sfeir
Headquarters	Beirut, Lebanon
Area served	Middle East Europe Australia Africa
Key people	Salim G. Sfeir (Chairman​ CEO) Fawaz H. Naboulsi (Deputy​ CEO)
Products	Credit cards Consumer banking Corporate banking Investment banking Mortgages Private banking Wealth management
Subsidiaries	Bank of Sydney BoB Finance
Website	www.bankofbeirut.com

Bank of Beirut (Arabic: بنك بيروت, not to be confused with Bank of Beirut and the Arab Countries) is a commercial bank in Beirut, Lebanon. It was founded in 1963 as Realty Business Bank S.A.L. and in 1973, changed its name to the current name.^{[citation needed]} In 1993, a group of bankers and businessmen headed by Salim Sfeir, the current Chairman and CEO, acquired the five-branch bank, which ranked 35 out of the 71 banks operating that year, and in 1997, Bank of Beirut was listed on the Beirut Stock Exchange.^{[citation needed]}

Acquisition history[]

The 1990s was a significant decade for the bank when it started acquiring other banks to boost its own presence; in 1994, Banque Libano-Bresilienne SAL was acquired, followed by Mebco Bank SAL in 1998, Transorient Bank SAL in 1999 and Beirut Riyadh Bank SAL in 2002. In 2008, the 11-branch network, Al-Madina Bank SAL was acquired and in 2011, Bank of Beirut acquired Laiki Bank (Australia) Ltd which was later renamed to Bank of Sydney. In 2015, Banque Libano-Francaise acquired the majority of Bank of Beirut's shares after the losses they announced by the end of their fiscal year in 2014.^{[citation needed]}

Expansion[]

In 1997, a strategic alliance was formed with Emirates NBD; later in 2001 Bank of Beirut opened a representative office in Dubai, UAE to serve expatriates in the GCC. In 2002, a branch was opened in Limassol, Cyprus regulated by the Central Bank of Cyprus, followed by the opening of a representative office in Lagos, Nigeria in 2004 and in Accra, Ghana in 2014. 3 branches opened in Oman, Sohar in 2008, Ghobra in 2012, and The Wave in 2014. In 2002, Bank of Beirut (UK) Ltd, a fully owned subsidiary, was established, which opened a branch in Frankfurt, Germany in 2009 (and closed in 2019) and following the acquisition of in 2011, branches opened in Adelaide and Melbourne, in addition to Sydney.

Offices and branches[]

Bank of Beirut currently operates 90 branches across 4 continents that include over 66 branches in Lebanon, 10 branches across Sydney, Melbourne, and Adelaide in Australia, 3 branches in Oman, United Kingdom, Cyprus, and representative offices in UAE, Qatar, Nigeria and Ghana.

BoB Finance (Western Union agent)[]

BoB Finance is a financial institution owned by Bank of Beirut and licensed by the Central Bank of Lebanon. In 2009, BoB Finance was appointed as Western Union's agent to provide services such as domestic and international transfers. With over 800 sub-agents across the country, BoB Finance provides key services such as remittances, bill payments, mobile top-ups, and payment facilities for flydubai and corporate cash collection.

Board of directors[]

External links[]

• BoB Lebanon Website
• Bank of Sydney (BoB Subsidiary)
• Bank of Beirut Oman
• Bank of Beirut UK
• Bank of Beirut Cyprus

See also[]

• Beirut Stock Exchange
• Economy of Lebanon

• List of Banks in Lebanon
• Banque du Liban
• Intercontinental Bank of Lebanon (IBL)
• Lebanon and Gulf Bank
• Saradar Bank
• Lebanon and Gulf Bank

Other references[]

• http://www.ameinfo.com/financial_markets/Lebanon/Company_LB0001/
• http://www.lebweb.com/site/lebanon-bankofbeirut-lb-40855
• http://www.transnationale.org/companies/bank_beirut.php