Lebanon Businessnews News

Michel Accad Bankmed’s
new Executive General Manager
He will replace Raoul Nehme

who became Minister of Economy

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Michel Accad has been named Executive General Manager of Bankmed to replace Raoul Nehme who has been appointed as Minister of Economy and Trade in the incumbent Cabinet.

Accad, who will take charge of his new position in May 2020, has been an independent member of Bankmed’s board since August 2019. He is also Chairman of the bank’s risk committee and is member in each of its remuneration committee and governance and nomination committee.

Accad’s work experience of over 40 years was in the banking sector in the Arab region. Before joining Bankmed, he was the CEO of Al-Ahli Bank of Kuwait (ABK). He retired from his position at ABK last January. Accad was also CEO of Kuwait-based Gulf Bank and was instrumental in helping it achieve a turnaround to profitability following the 2008 crisis. Prior to that, he worked for three years at Jordan-based Arab Bank and for 27 years at Citigroup.

Accad holds an MBA from the University of Texas at Austin.

Bankmed has been witnessing reshuffles in top managerial positions following the acquisition of Egypt-based Jordanian businessman Alaa Al Khawaja of the 42.24 percent stake of Ayman Rafic Hariri in GroupMed Holding which fully owns Bankmed. The other current shareholders in GroupMed are former Prime Minister Saad Hariri who holds a stake of 42.24 percent and Nazek Hariri who owns the remaining 15.5 percent. Bankmed’s total assets stood at $19 billion at the end of 2018.
Reported by Shikrallah Nakhoul
Date Posted: Feb 28, 2020
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