New NECB board of directors

Carlos Ghosn owns nine percent of bank’s shares

The Near East Commercial Bank (NECB) appointed a new board of directors, chaired by Mario Saradar, after Saradar Partners Holding recently acquired a majority share in the bank.

Alfred Wiederkehr was named Vice Chairman of the new Board of Directors, representing the Swiss Wiederkehr Group. Board members include Michel El Khoury, Pierre Gaspard, Carlos Ghosn, Joe Issa-Al-Khoury, Marwan Nsouli, Philippe Wiederkehr, and Christian Steinfels.

Before assuming his new function as NECB Chairman, Saradar resigned from the Bank Audi board of directors, in accordance with applicable governance principles and Law. The Saradar family holds a 5.75 percent share in Bank Audi SAL – Audi Saradar Group.

Earlier, Saradar Partners Holding had acquired 51 percent of NECB’s shares. The Swiss Wiederkehr Group kept 39 percent of NECB shares. Businessman Carlos Ghosn also held nine percent of the bank’s shares.

Saradar Partners Holding is majority-owned by Marius Saradar Holding (56 percent), the Mikati Group’s Amwal Venture Holding (34 percent), and Carlos Ghosn (ten percent).

NECB registered net profits of $1.4 million in 2012. Shareholder equity stood at $25 million at end-2012. Assets totaled around $379 million, 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.