Mario Saradar Chairs NECB

Resigns from Bank Audi Board of Directors

Mario Saradar was appointed the new Chairman of Near East Commercial Bank (NECB), after Saradar Group acquired 51 percent of the Swiss-owned bank’s shares. Before assuming his new position, Saradar resigned from the Bank Audi board of directors, in accordance with applicable governance principles and Law. The Saradar family has a 6.66 percent share in Bank Audi SAL – Audi Saradar Group.

NECB was originally established in 1978 as part of the SNA insurance group. It was acquired by a Swiss group in 2010. Shareholder equity stood at $25 million at end-2012.

NECB’s assets totaled around $379 million at end-2012, including $339 million in customer deposits. The bank reported a Capital Adequacy Ratio of 13 percent in 2011, more than the 12 percent required by Basel III. It has 5 branches and 100 employees. It registered net profits of $1.4 million in 2012.

Saradar Group has also acquired a majority interest in CashUnited sal, in which it now owns 75 percent shares. The company is best known as the representative of MoneyGram in Lebanon since 2001, offering international money transfers. Its other services include bill payment, mobile and internet recharge, and a range of insurance policies.