BLOM Bank

BLOM BANK started operating in 1951 in Beirut. Its establishment coincided with a booming period in the banking sector in Lebanon. One of the founders was Hussein Al Oweini, a Lebanese politician and businessman.{{cite journal|author=Joseph Daher|title=Lebanon, how the post-war's political economy led to the current economic and social crisis|journal=Middle East Directions|page=14|url=https://hdl.handle.net/1814/73856|hdl=1814/73856

|date=2022|issue=3|doi=10.2870/824020|isbn=9789294661791 }} 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 needs of the Lebanese diaspora. Today, the group is present in 11 countries across the world.{{cite news|title=Al Iqtissad wal Aamal|issue=Special Issue|date=December 2013}} On the leadership level, the Syrian banker, Naaman Azhari, became the general manager of the bank in 1962 and chairman of the board and general manager in 1971.{{Cite book |last=Publications |first=Publitec |url=https://books.google.com/books?id=NHCQBAFMwawC&dq=Naaman+Azhari+syrian+lebanese&pg=PA134 |title=Who's Who in the Arab World 2007-2008 |date=2011-12-22 |publisher=Walter de Gruyter |isbn=978-3-11-093004-7 |language=en}} In 2007, Dr. Naaman Azhari was appointed chairman of BLOM BANK Group, and honorary chairman of BLOM BANK Group in 2020, while his son, Saad Azhari, became chairman of the board and general manager of BLOM BANK.{{cite news|title=Forbes Middle East|issue=48|date=June 2016}}

The bank adopted BLOM BANK as its brand name in 2000 and acquired the Lebanese subsidiary of HSBC Bank Middle East in 2017.{{cite web|title=Company Overview of BLOM Bank SAL

|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=877274|website=Bloomberg L.P.|access-date=February 26, 2017}}

According to data from 2018, BLOM Bank is Lebanon's second largest bank by total assets behind Bank Audi.{{cite news |title=TEN LEBANESE BANKS EMERGE AMONG TOP 1,000 BANKS IN THE WORLD IN 2018 |url=https://economics.creditlibanais.com/Article/209474#en |access-date=15 August 2024 |issue=Economic Research Unit |publisher=Credit Libanais |date=25 November 2019}}

In 2024, BLOM Bank was named as the petitioner in a case granted certiorari for review by the Supreme Court of the United States.Petition for Writ of Certiorari, BLOM Bank SAL v. Michal Honickman, et al, filed May 29, 2024, accessed March 4, 2025, [http://supremecourt.gov/DocketPDF/23/23-1259/311849/20240529131845636_Blom%20Bank%20Petition%20PDFA.pdf SCOTUS Case Documents]. This case, BLOM Bank SAL v. Honickman, relates to an incidence victims of Hamas and their family members suing BLOM Bank under the Justice Against Sponsors of Terrorism Act (JASTA) in 2019. The plaintiffs have alleged that BLOM Bank provided financial services to Hamas and is therefor liable for aiding and abetting acts of terrorism. The question before the Supreme Court of the United States is a dispute regarding the Federal Rules of Civil Procedure, specifically Rule 60(b) regarding judgment finality. Oral arguments were heard by the Supreme Court of the United States on March 3, 2025, and an opinion will be published before the Court's summer recess in July."BLOM Bank SAL v. Honickman." Oyez, https://www.oyez.org/cases/2024/23-1259, accessed March 4, 2025.

The Group conducts its worldwide operations through a network of banking and financial units, either directly or through its subsidiaries.

In January 2021 the company sold its Egyptian subsidiary to Bank ABC of Bahrain for $427 million.{{Cite news|url=https://www.reuters.com/article/egypt-banks-int/bank-abc-acquires-blom-bank-egypt-for-480-million-sources-idUSKBN29J1TX |title=Bank ABC acquires Blom Bank Egypt for $480 million - sources|date=2021-01-14|access-date=2021-01-15}}

In terms of sustainability, BLOM BANK joined, in December 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.{{cite web|title=UN Global Compact Website|url=https://www.unglobalcompact.org/what-is-gc/participants/49541-Blom-Bank-SAL- |website=UN Global Compact Website}}

At the corporate governance level, BLOM BANK was the first bank in the Arab World to sign the Investors for Governance and Integrity (IGI) Declaration, thereby committing to the implementation of the Governance and Integrity Rating guidelines and recommendations.{{cite web|title=AFE Attends the Investors for Governance and Integrity Declaration|url=http://www.arab-exchanges.org/News/AFE-News/Sample-Folder/AFE-Attends-the-Investors-for-Governance-and-Integ.aspx|website=Arab Federation of Exchanges}}

As of September 2023, BLOM Bank is primarily owned by The Bank of New York (34.37%), Banorabe S.A., SPF (18.73%), as well as the Azhari Family (7.53%), Chaker Family (4.83%), Saade Family (2.55%), Jaroudi Family (2.17%) and the Khoury Family (1.80%).{{cite web |title=Major Common Shareholders |url=https://www.blombank.com/english/the-group/major-common-shareholders |website=BLOM Bank |date=30 September 2023}}

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Category:Banks established in 1951

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