Lebanon Businessnews News

Salim Sfeir names list for ABL elections
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Salim Sfeir, Chairman of Bank of Beirut (BoB), has announced the list of names that will participate at the election of the Association of Banks (ABL) on June 30 for a two-year term.

The list, named the ‘List of Change,’ mainly consists of medium-sized and small banks. It includes Fadi Assali, Chairman of Cedrus Bank, Fadi Daouk, Executive General Manager of BML Bank, Jean Riachi, Chairman of FFA Private Bank, Mario Saradar, Chairman of Saradar Bank, Samer Itani, General Manager of LGB Bank, Tarek Khalife Chairman of CreditBank, and Wael el Zein, Chairman of Lucid Investment Bank. Four positions, out of the 12 board seats, were left for big banks.

This will be the first election in 23 years as the nomination of the ABL chairmen was always done by consensus over this period.

Sfeir called on large banks to cooperate with them. He said that if he wins the ABL election, his team will implement a number of reforms that will include adopting true representation on ABL’s board of directors to all categories of banks on a rotational basis.

The suggested reforms also include upgrading the ABL statutes and practices and adopting modern technology in addition to creating a data bank that will be at the disposal of members. Sfeir said they will seek the help of specialized international institutions to achieve these changes if the need arises.

The incumbent ABL Chairman Joseph Torbey is generally supported by the largest banks. Torbey chaired ABL in 2001-2003, 2003-2005, 2009-2011, and 2011-2013. He is the Chairman and General Manager of Credit Libanais since 1988.
Reported by Shikrallah Nakhoul
Date Posted: Jun 20, 2017
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