BLOM Bank

BLOM BANK started operating in 1951 in Beirut. Its establishment coincided with a booming period in the banking sector in Lebanon. 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 need of the Lebanese diaspora. Today, BLOM BANK is present in 12 countries across the world.[4] On the leadership level, Dr. Naaman Azhari became the General Manager of the Bank in 1962 and Chairman of the Board and General Manager in 1971. In 2008, Dr. Naaman Azhari was appointed Chairman of BLOM BANK GROUP while his son, Mr. Saad Azhari, became Chairman of the Board and General Manager of BLOM BANK[5] and also serves as Vice-President of the Association of Banks in Lebanon.[6]

It changed its name to BLOM Bank in 2000.[7] It acquired the Lebanese subsidiary of HSBC Bank Middle East, to be approved by the Banque du Liban.[8]

As of 2016, it was "Lebanon's First-largest bank by market capitalisation."[8]

BLOM BANK is currently present in the following 12 countries: Lebanon, Jordan, UAE, France, UK, Switzerland, Romania, Cyprus, Egypt, Qatar, Iraq, and Saudi Arabia. It conducts its worldwide operations through a network of banking and financial units, either directly or through its subsidiaries.

1. Banks and Financial Subsidiaries: BLOM BANK France, BLOM BANK (Switzerland), BLOM BANK Egypt, Blom Egypt Securities, BLOM BANK Qatar, BLOMINVEST Saudi Arabia, BLOMINVEST BANK, and BLOM DEVELOPMENT BANK (Islamic Bank).
2. Insurance Subsidiaries: Arope Insurance, Arope Insurance of Properties and Responsibilities – Egypt, Arope Life Insurance – Egypt, and Blom Securities – Jordan.

[9]

In January 2021 the company sold it's Egyptian subsidiary to Bank ABC of Bahrain for $480 million.[10]

In terms of Corporate Social Responsibility, BLOM BANK joined, on December 26, 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 “Corporate Social Responsibility 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 social responsibility policies and programs, and the Bank’s social responsibility performance.

Also as part of the Corporate Social Responsibility, 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 fingerprint on the environment including a paper recycling and reduction policy, a waste recycling policy, a sustainable procurement policy, and an energy consumption reduction policy.[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]