Founded: 1994
Total Assets*: US$2.40 billion
Customer Deposits*: US$1.67 billion
Ranking by Assets*: 17
(*as of Dec 31, 2021, ABL Almanac 2022, converted at LL1507.5/US$)
Background
Banque Bemo SAL was established in 1994 by the Obegi Group, a conglomerate of companies owned by a family of the same name.[1],[2] The Obegi family started their business in the leather and textiles industry in Aleppo at the turn of the 20th century.[3] The Obegis diversified into agrichemicals, food, and interior design throughout the 1950s to ‘60s and in 1973, they established Banque BEMO Europe, a private bank in Luxembourg.[4]
In 1994, the group opened Banque BEMO SAL in Lebanon and in 2004 they established Banque Bemo Saudi Fransi (BBSF) in Syria in partnership with Banque Saudi Fransi (BSF).[5]
Shareholders
The largest shareholder in Banque BEMO is the European Investments Company for the Middle East SAL with a 61.0% stake,[6] with this company in turn 84% held by members of the Obegi family. This results in the Obegi family having a 51.1% ultimate beneficial ownership of the bank.[7] Part of the Obegi stake was held by George Obegi, who died in 2014; [8] The Alternative was unable to identify to whom his shares were transferred.
The four Abillama brothers, Princes Karim, Tala, Raed, and Maher, collectively own 2.4% of BEMO through a series of holding companies.[9] The Abillama family is a notable family of Mount Lebanon with the honorific title of “emir”.[10] Their father, Samir Abillama is a former president of the Maronite League’s executive council (2013-16),[11] making his four sons “Other PEP”s.
Through Banque Saudi Fransi and the Kingdom Holding Co, Prince Al Waleed bin Talal Al Saud owns 1.31% of BEMO. Forbes listed Al Waleed, a member of the Saudi royal family and the grandson of Lebanon’s first prime minister Riad Al Solh, as the 7th richest man in the world in 2017 with a net worth of $39.8 billion.[12] Al Waleed’s aunt is Leila Al Solh, who is a former Minister of Industry (2004-5) under Prime Minister Omar Karami,[13] making Al Waleed bin Talal an “Indirect2” PEP.
[1] ‘Ownership Structure | Banque Bemo’, accessed 13 July 2023, https://www.bemobank.com/ownership-structure.
[2] ‘The Group – Obegi Group’, accessed 13 July 2023, https://www.obegigroup.com/the-group.
[3] ‘The Group – Obegi Group’.
[4] ‘The Group – Obegi Group’.
[5] ‘The Group – Obegi Group’.
[6] Ministry of Justice, ‘Commercial Registry of Lebanon’, accessed 9 March 2023, http://cr.justice.gov.lb/.
[7] Ministry of Justice.
[8] Yasmine Alieh, ‘George Obegi Killed in Plane Crash’, BusinessNews.com.lb, accessed 13 July 2023, http://www.businessnews.com.lb/cms/Story/StoryDetails/4441/George-Obegi-killed-in-plane-crash.
[9] Ministry of Justice, ‘Commercial Registry of Lebanon’, accessed 9 March 2023, http://cr.justice.gov.lb/.
[10] ‘FamilyTreeDNA – Genetic Testing for Ancestry, Family History & Genealogy’, accessed 13 July 2023, https://www.familytreedna.com/groups/lebanese-nobility/about/background.
[11] ‘French Legion of Honor to Samir Abillama’, Prestige Magazine, 16 March 2016, https://www.prestigemag.co/fr/2016/03/la-legion-dhonneur-francaise-a-samir-abillama/.
[12] ‘Saudi Billionaire Alwaleed Bin Talal’s Net Worth Takes A Hit After News Of His Arrest’, accessed 13 July 2023, https://www.forbes.com/sites/igorbosilkovski/2017/11/06/saudi-prince-alwaleed-bin-talals-net-worth-takes-a-hit-after-news-of-his-arrest/#b392adb25ff4.
[13] Rola el-Husseini, Pax Syriana: Elite Politics in Postwar Lebanon (Syracuse University Press, 2012).
Disclaimer
All content provided in this report (the Report) is for informational purposes only and does not constitute legal, financial or any other professional advice. The Alternative has made every attempt to ensure the accuracy and reliability of the information provided in the Report. However, due to the opacity of available sources of information, The Alternative has relied on the most up to date and self-reported figures from the Association of Banks in Lebanon (ABL) and its member banks, when available. When ABL and banks data was not available, The Alternative relied on physical copies of Lebanon’s commercial registry, online databases and other credible sources. In addition, The Alternative contacted each of the bank’s communications departments for confirmation of data regarding the shareholding and management of said banks. Only Bank Audi and BLOM Bank provided relevant information, both of which have been included in their entirety. Amongst others, the sources of the Report include various commercial registries, official bank websites, online aggregators, databases dedicated to company registration, the Organised Crime and Corruption Reporting Project (OCCRP), Bilanbanques reports, and many others.
The information provided in the Report is done “as is” without warranty of any kind, express or implied. The Alternative shall not be held liable for any errors or omissions in this information nor for the availability of this information. The Alternative does not accept any responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained in the Report. Furthermore, The Alternative shall not be liable for any losses or damages from the display or use of this information. If anyone has information relating to the Report, The Alternative welcomes it. All information sent to The Alternative will undergo a thorough validation process, and the report will be updated accordingly. For any relevant information or inquiries, please contact [email protected].
