Press Releases


 March 3, 2010:  Banque Bemo sal launches the first Banking Mediation Unit in Lebanon
 May 31, 2009:   Successful closure of Subordinated Bonds' Issuance
 Oct 23, 2008     A conference revolving around wealth management took place on October 23rd, 2008.
 May 22, 2008:    Banque Bemo sal announces the publication of its National Scale Ratings by Moody’s Investor Services.
Oct 5, 2007:       A Financial Market Presentation by specialists from Oddo et Cie – Paris took place on the 5th of October, 2007.
Nov 9, 2006:      The Incorporation of a new Joint Venture between Banque Bemo sal and Oddo et Cie took place on November 10, 2006.
Sep 1, 2006:       Banque Bemo sal declares net income of US$ 5.3 million in first half of 2006
May 8, 2006:      Banque Bemo sal records net income of USD 1.3 million in Q1 2006, plans capital increase 
Feb 3, 2006:        Banque Bemo sal's profits up by 25% to USD 4.9 million in 2005
Aug 7, 2005:        Banque Bemo sal's first half 2005 profits up by 6.5%
July 22, 2005:    Banque Bemo sal: Recent Developments & Expansion Projects

 March 3, 2010: Launch of Banque Bemo Mediation Unit

During a press conference held on March 3 2010, at hotel Sofitel Le Gabriel, Banque Bemo sal launched its Banking Mediation Unit. The event occurred in the presence of several representatives of Banque Bemo, in particular, Messrs. Henri Obegi, Chairman, Jean Hajjar, Member of the Board & Advisor to the Chairman, and Samih Saadeh, General Manager, as well as Banque Bemo’s partner, the Professional Center for Mediation (CPM) of Saint Joseph University (USJ) represented by Pr. René Chamussy, Recteur of USJ and Mrs. Johanna Hawari-Bourgély, Director of the CPM of USJ. In his capacity as General Manager of Banque Bemo, Mr. Saadeh inaugurated the press conference by a quick overview of Banque Bemo sal and Bemo Group.

His presentation was followed by Pr. Chamussy’s word which highlighted the continuous diversity of USJ activities, in particular the creation of a Mediation Center directly linked to the rectorate.

Then, Mrs. Hawari-Bourgély presented the CPM of USJ and pointed out the importance of the mediation, the different realizations of the Center, and announced future projects.

In her capacity as lawyer by education and practice, and as Business Development & Banking Mediation Unit Manager and Mediator at Banque Bemo sal, Me Joelle Cattan stressed on the importance of creating a Banking Mediation Unit at Banque Bemo, since it is the first Banking Mediation Unit in the country, which purpose is to prevent or resolve in a mutually agreeable way the conflicts between Banque Bemo and its clients or suppliers. Me Cattan explained that mediation spirit and culture which have always prevailed at Banque Bemo rather than litigation, are now consolidated through a mediation structure, and that the creation of the Unit will not constitute a radical change, but will stimulate three new issues :
1/ A structured document called Mediation Chart.
2/ A partnership with the Professional Center for Mediation (CPM) of St Joseph University (USJ).
3/ Beside the person (Mr. Jean Hajjar) who was already doing mediation, the official presence of a mediator (i.e. Me. Cattan) with certificate delivered by the CPM of USJ. Establishing a comparison between some banking rules and the mediation process, Me Cattan highlighted also that Lebanon is a suitable framework for mediation which is at the confluence of several disciplines on one hand, and at a point meeting between the protagonists on the other hand, like Lebanon is at the crossroads of cultures and civilizations. While noting that the Chart purpose is to define the context in which mediation takes place, Me Cattan clarified in particular the nature of the conflicts covered by the Mediation Unit and identified the role of the mediator. The conference has been followed by a cocktail attended by the participants.

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 May 31, 2009: Successful closure of Subordinated Bonds' Issuance

Banque Bemo sal is pleased to announce the successful closing of its USD 40,000,000 - Subordinated Bonds' Issuance which registered an oversubscription similar to the bank's previous issues.

The Bonds having a tenor of five years with final maturity being June 30, 2014, bear a fixed annual rate of 7% payable semi annually net of the presently applicable 5% Lebanese withholding tax on interests received. Subscribers to this new issue are spread between local and regional individual and institutional investors.

The net proceeds of the issue of the Bonds will be used by the Bank to shore-up the Bank's capital base, a measure intended by the Bank to enhance its capital adequacy ratio. The Subordinated Bonds' Issue will be considered as part of Tier Ii capital and it is expected to strengthen the Bank's capital base. the improved capital structure will support the expected growth of the Bank's assets, its funding needs, and the expansion of its commercial banking activities and services in the respective markets of Lebanon and the neighboring Arab markets, especially Syria.

"The diversity and large interest shown by subscribers and the oversubscription registered are mainly further cofnirmations of the success of the Relationship Management business model and transparency as embraced by the Bank's Senior Management and its Board of Directors", indicated Samih Saadeh, General Manager. The Bank views this as an additional indication of confidence confirming what it believes in: "Relationships are built. Trust is earned".

The latest comparative consolidated financial indicators of Banque Bemo sal were as follows:

In LBP millions Dec 31, 2007 Audited, Dec 31, 2008 Audited, Mar 31, 2009 Unaudited

Total Assets................. 1,196,027   1,397,373   1,456,521

Total Deposits *............939,571   1,078,811   1,197,273

Total Loans * ............... 479,885   543,227   530,010

Shareholder's Equity..........110,461   115,937   119,675

* Inclduing deposits and loans to related parties

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  October 23, 2008: A conference revolving around wealth management took place on October 23rd, 2008.

On October 23rd, 2008 Bemo Europe - Banque Privee invited a number of renowned guests to attend a conference revolving around the topic of "Wealth Management: The Luxembourg Solution". The conference took place at the Moevenpick Hotel in the presence of prominent experts from Bemo Europe, PriceWaterhouseCoopers, HRT-FIDALUX and Luxembourg for Finance.

Mr Riad Obegi, Chairman of Bemo Europe welcomed the guests and introduced Mr Amine Bechara, Manager of Bemo Europe Luxembourg who in turn gave a brief presentation of the Bank and introduced the guest speakers who were attending especially from Luxembourg:

• Mr Jean-Jacques Picard, General Secretary at Luxembourg for Finance
• Mr Michel Guilly, Partner and Mr Eric Centi, Manager at priceWaterhouseCoopers
• Mr Jean-Philippe Roch, Associate at HRT-FIDALUX
• Mr Toni Yarak, Associate Director at Bemo Europe - Luxembourg

The speakers shared their international experiences and visions in wealth engineering, in light with the latest changes in the economic world.

This initiative comes in line with Banque Bemo's philosophy to evolve constantly in order to establish long-term relationships with the clients, based on knowledge, innovation, transparency and high-level consultancy.

The conference was followed by a lunch during which discussions around different subjects took place with the participation of Professor Nasri Diab and Professor Salim Chahine.

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 May 22, 2008: Banque Bemo sal announces the publication of its National Scale Ratings by Moody’s Investor Services.

Since its establishment, Banque Bemo sal has demonstrated clear commitment for building long-term business partnership with its clients, centered on efficient and dedicated relationship management and personalized services.

Built on a strong heritage and professional banking expertise, Banque Bemo will pursue its strategic vision as a financial advisor to high net worth individuals and successful entrepreneurs and will further develop its corporate finance business. Its strategy for organic and sustainable growth along with its regional dimensions is mainly directed towards providing outstanding Private and Corporate Banking Services.

Proudly putting the Bank to the test of rating by Moody’s Investor Services Ltd., the Bank has been granted National Scale Ratings (NSRs) of Aa2.lb/LB-1.
• The National Scale Long-Term Rating Aa2.lb defines a “very strong creditworthiness relative to other domestic issuers”.

• The National Scale Short-Term Rating LB-1 defines “the strongest ability to repay short-term senior unsecured debt obligations relative to other domestic issuers”.
Banque Bemo has been amongst the first five banks to request a credit rating by Moody’s in compliance with the Group’s tradition of transparency towards its stakeholders.

Spread in Europe and the Middle East, the BEMO Group reputation is built on its long established track record, team experience, and partnership with its clients.

The Bank considers this rating as a further recognition, to be added to other leading international institutions that bear witness to the Group’s expertise; Banque SAUDI FRANSI (BSF)-Riyadh, Saudi Arabia, a leading Saudi-based commercial bank, in addition to ODDO et Cie, a leading financial institution in Europe, both entered joint ventures with Banque BEMO Group based on the latter’s reputation and know-how in the Lebanese, Syrian, and Gulf markets.

The Bank considers this rating as a further recognition, to be added to other leading international institutions that bear witness to the Group’s expertise; Banque SAUDI FRANSI (BSF)-Riyadh, Saudi Arabia, a leading Saudi-based commercial bank, in addition to ODDO et Cie, a leading financial institution in Europe, both entered joint ventures with Banque BEMO Group based on the latter’s reputation and know-how in the Lebanese, Syrian, and Gulf markets.

 Oct 5, 2007: A Financial Market Presentation by specialists from Oddo et Cie – Paris took place on the 5th of October, 2007.

On October 5th, 2007 Banque Bemo sal had the pleasure to host Oddo et Cie, the first independent financial French company represented by Mr. Jean Philippe Tasle D’Heliand, Member of the Executive Board, Mr.  Bertrand Levavasseur, Director International Business Development and Mr. Christian Thonier, Asset Allocation and Multi-Management Analyst Fund Manager for a presentation regarding Investment Strategies and the latest developments in the Financial Markets. .

Mr. Samih Saadeh, General Manager of Banque Bemo sal gave a briefing on the group structure and Banque Bemo’s Private Banking Vision and Strategy highlighting the diversified products offered by the bank and its quality services.

The presentation focused on Investment Strategies and Asset Allocation for 2007, under the current international situation of the market.

Mr. Tasle D’Heliand introduced Oddo Asset Management whilst Mr. Levavasseur and Mr. Thonier focused mainly on Strategy and tackled questions such as:

• What impact the slump in the US real estate sector and the financial crisis are having on the economy
• Whether or not emerging markets underpin global expansion
• The outlook for equity markets
• The outlook for the bond markets

 The presentation was followed by a Cocktail held at Phoenicia Hotel.

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 Nov 9, 2006: The Incorporation of a new Joint Venture between Banque Bemo sal and Oddo et Cie took place on November 10, 2006.

In November 2006, Bemo Group and Oddo et Cie incorporated a joint venture called BEMO ODDO INVESTMENT FIRM LTD – DUBAI.

The joint venture will be operating under the laws of the local regulatory authority, Dubai International Financial Center (DIFC) and will be equally owned by the two groups:

• Oddo et Cie. the first independent French financial company will hold 50% of the shares
• Bemo Group’s 50% stake will be allocated among its three entities:
  • Bemo Europe – Banque Privée
  • Banque Bemo sal
  • BSEC – Bemo Securitisation

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Sep 1, 2006: Banque Bemo declares net income of US$ 5.3 million in first half of 2006.

Banque Bemo SAL declared consolidated net income of US$ 5.3 million in the first half of 2006, up from US$ 2.1 million in the corresponding period of 2005. Net interest income increased by 25.8% to US$ 4.7 million while net commission earnings decreased by 2.0% to US$ 1.8 million.

Net profits on financial operations increased by 40.1% to US$ 3.1 million, while general operating expenses increased by 21.6% to US$ 6.3 million, due to 13.9% increase in staff expenses and a 33.1% rise in other operating expenses. Total assets reached US$ 716.5 million at end-June 2006, up from US$ 575.1 million at the end of June 2005. Loans to customers increased by 28.2% to US$ 236.0 million. Customer deposits totaled US$ 546.4 million, up by 22.9% from US$ 444.5 million at end-June 2005. Foreign currency deposits accounted for 94.6% of total deposits, compared to 94.3% a year earlier.

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  May 8, 2006: Press Release on the Financial Performance of Banque BEMO SAL based on the Unaudited and Consolidated Financial Statements as at the 31st of March 2006.

Banque Bemo SAL reported an increase in consolidated net income of 25.7% which stood at US$ 1.269 million at the end of March 2006 compared to US$ 1.029 million at the end of March 2005.This improved performance was due to the following:

1. Enhanced of the management of the bank’s assets and liabilities resulting in an increase in net interest received from US$ 1.841 million at the end of March 2005 to US$ 2.157 million at the end of March 2006
2. Enhancement of the overall gross income which rose by around 18.7% reaching US$ 4.64 million at the end of March 2006 compared to US$ 3.91 million a year earlier
3. Improvement of the operating cost efficiency (cost-to-income ratio) which reached 63.4% at the end of March 2006

Total assets stood at US$ 738 million at the end of March 2006 recording an increase of 23.1% compared to the last year period and compared to an increase of 7% in the Lebanese banking sector. Customer deposits were equivalent to US$ 559.4 million at the end of March 2006 recording an increase of 26.2% compared to the last year period and compared to an increase of 10% in the Lebanese banking sector. Customer loans reached US$ 212 million at the end of March 2006 recording an increase of 12.7% compared to the last year period and compared to an increase of 3.5% in the Lebanese banking sector. The bank maintained the high coverage of nonperforming loans by provisions and as a result net nonperforming loans plus all substandard accounts represented only 1.4% of gross loans at the end of March 2006 compared to 4.56% a year earlier and a ratio exceeding 10% for the whole banking sector.

Total capital (tier one and tier two) amounted to US$ 63.7 million at the end of March 2006 and represented 8.6% of total assets. The bank maintained high liquidity ratios where liquid assets represented a high level exceeding 62% of total assets at the end of March 2006.

In addition and in order to enhance its operations, the Bank announced plans to increase its capital by raising US$ 20 million through the issuance this month of 200,000 Preferred Shares expected to constitute Tier One capital. The issue consists of non-cumulative shares with an open-ended maturity subject to a call option by the bank. The issue price was set at US$ 100 per share with a par value of LP 1,000 per share. Holders of preferred shares will receive annual dividends equivalent to 8% of the issue price. Subscription in the capital increase will be held from May 8 to May 15, 2006. The preferred shares are anticipated to be listed on the Beirut Stock Exchange before year-end 2006.

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February 3, 2006: Banque Bemo’s profits up by 25% to US$ 4.9 million in 2005.

Banque Bemo SAL, declared consolidated net income of US$ 4.9 million in 2005, up by 24.7% from the year 2004. Net interest income received grew by 14.9% to US$ 8.1 million and net commission earnings increased by 6.6% to US$ 3.8 million. As for net profits on financial operations, the latter grew by 39.7% to US$ 4.7 million, while general operating expenses increased by 12.2% to US$ 10.6 million due to an 11.8% rise in staff expenses and to a 12.7% increase in other operating expenditures.
Total assets reached US$ 667.4 million, up by 5.7% from the end of 2004, while loans increased by 15.5% to US$ 196.7 million. Customer deposits totaled US$ 528.4 million an 11.6% rise year-on-year, as the ratio of total loans to deposits was 37.2%, up from 36% a year earlier. Foreign currency deposits accounted for 94.7% of total deposits compared to 92.3% a year earlier.

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August 7, 2005: Banque Bemo’s first half 2005 profits up 6.5%.

Banque Bemo SAL released this week its balance sheet and income statement for the first six months of 2005 showing a 6.5% rise in net income to US$ 2.14 million, largely attributable to an 11.7% rise in interest income. Similarly, the bank’s total assets increased by 4% to US$ 575 million at the end of June 2005, while customer deposits grew by 3.5% to US$ 444 million (Foreign currency deposits accounted for 94.4% of total deposits) over the same period. Total loans increased by 9.52% to US$ 184 million, bringing the loans-to-deposits ratio up to 41.4% from 39.2% a year earlier. Banque Bemo recently paid out 2004 dividends of LP 175 (US$ 0.12) per share, resulting in a dividend payout ratio of 61%. Banque Bemo’s common shares were last traded at US$ 3.45.

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July 22, 2005: Banque Bemo: Recent Developments & Expansion Projects.

 (Appeared in L’Orient Le Jour published originally in French)
Loyal to its positioning as a specialized bank in Private and Corporate Banking, Banque Bemo continued during the year to invest in the heart of these two strategic business activities. Pursuing its policy based on an open architecture in terms of personalized services directed to individuals and enterprises, Banque Bemo invested in the development of its Private Banking services mainly spread into 3 new units:

In other developments, Banque Bemo’s expansion projects in Lebanon related to the branch network include the new opening of its Verdun branch strategically located.
The principal axis of international development of the Bank is mainly the Saudi market where a dedicated team has an objective of developing a private client base.
In addition, the Bank continues to operate through its offshore branches located in Cyprus and the Free Zone in Damascus.
The Bemo group is also active in Europe through la Banque Meridionale de L’Europe- Banque privee in Paris and Luxembourg and also in Syria, through Banque Bemo Saudi Fransi (BBSF), the first private Lebanese Saudi bank to have opened its branches in Damascus, and witnessing a strong growth exceeding all forecasts making it the first private bank in Syria in terms of customer deposits.

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