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During the 35th Interarab Cambist Association (ACI) Congress and Exhibition: After the UK, the UAE, Qatar, Iraq, Sultanate of Oman and Nigeria, Bank of Beirut is now in Germany
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For Immediate Release
Bank of Beirut – October 23, 2009: In its quest to implement its cross-border expansion strategy, Bank of Beirut Group, one of the top ten commercial and corporate banks in Lebanon, has recently announced the opening of a new branch in Frankfurt - Germany.
This statement came during Lebanese night organized by Bank of Beirut within the 35th ICA ( Interarab Cambist Association) Congress and Exhibition hosted by ACI Lebanon under the patronage of His Excellency Mr. Riad Salamé, Governor of Banque du Liban from 22nd to 25th October.
The newly-launched branch will be operated as a branch of the London-based subsidiary Bank of Beirut (UK) Ltd, part of the Bank of Beirut Group. Frankfurt branch, which is the only branch of a Lebanese owned bank in Germany, will primarily focus on corporate trade finance and correspondent banking services.
This expansion move comes within Bank of Beirut’s strategy of international expansion. “Venturing into new markets isn’t new to us”, commented Mr. Najib Semaan, Assistant General Manager – Global Markets Division, on behalf on Mr. Salim Sfeir, Chairman General Manager of Bank of Beirut S.A.L., “after the UK, UAE, Qatar, Iraq, Sultanate of Oman and Nigeria, now we are moving into Germany”. He explained that Bank of Beirut is always in search for new markets as the Bank continues to expand using the philosophy that says “be there for your customers wherever they are”, especially the Lebanese ones. “This is the spirit that leads us; our mission is to be a leading participant in the regional economic development of the Lebanese expatriates in the UK, Europe, Africa and the Middle East”.
“Through its new branch, Bank of Beirut will be in a better position to serve the Lebanese Community living in Germany”, highlighted Wolfgang Schaefer, Frankfurt Branch Manager in his speech during the Bank of Beirut - ACI dinner. “We are also targeting banks with a focus on MENA and ECOWAS regions, Europe, Asia as well as Arab and German exporters to these regions”. The Frankfurt branch holds a full banking license granted by the FSA in UK and the BaFin in Germany and commenced operations as of the first week of October.
The opening of the Frankfurt Branch embodies the cross-border expansion strategy adopted by Bank of Beirut, a strategy that is clearly reflected in its “Banking Beyond Borders” slogan and implemented plans.
It is to be noted that during the last decade, Bank of Beirut has embarked on an aggressive expansion program, aiming at enhancing its market position. This was achieved through 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 banking competitors.
Frankfurt branch will be managed by Mr. Wolfgang Schaefer, who looks back on a career in International Banking spanning over nearly 40 years. He was previously Managing Director of Misr-Bank Europe in Frankfurt and before General Manager of Bank of New York in Frankfurt. Mr. Schaefer’s experience and Bank of Beirut’s reputation will bring to Frankfurt a new dimension in banking and corporate relations.
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| For more information contact: |
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Ingrid Sfeir
Head of Media Relations
Bank of Beirut S.A.L.
Phone: 01/738767 – ext 227
Email: isfeir@bankofbeirut.com |
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| About Bank of Beirut s.a.l. |
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Incorporated in 1963 in Beirut, Lebanon, Bank of Beirut s.a.l. is one of Lebanon’s leading banks ranking 7th in terms of total assets and 6th in terms of profitability. The Bank offers a full range of banking services throughan extensive network of 43 branches in Lebanon, and a network of foreign entities: a branch in Limassol - Cyprus, a branch in Muscat - Sultanate of Oman, a wholly owned subsidiary in London - United Kingdom (Bank of Beirut (UK) Ltd) and three Representative Offices located in Dubai - UAE, Lagos - Nigeria and Bagdad - Iraq. In addition, Bank of Beirut operates a wholly-owned Financial Institution (BoB Finance s.a.l.) and an insurance brokerage firm (Beirut Brokers s.a.r.l.) and an independent investment bank, (Bank of Beirut Invest s.a.l.).
Since 1997, the Bank embarked on an aggressive expansion plan, aiming at enhancing its market position. This was achieved through 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 banking competitors, namely Transorient Bank s.a.l. in late 1998, and Beirut Riyad Bank s.a.l. in June 2002. |
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