Total Assets*: US$3.51 billion
Customer Deposits*: US$3.09 billion
Ranking by Assets*: 14
(*as of Dec 31, 2021, ABL Almanac 2022, converted at LL1507.5/US$)
Founded in 1991 under the name Commerce Bank, Lebanon Invest acquired a 62% stake in 2000 and, following a 2002 merger with Société Bancaire du Liban, it was renamed First National Bank (FNB).
FNB has Kuwaiti connections. Khaled Abd al-Hamid al-Saqer, who spent 20 years at the Kuwait Chamber of Commerce and Industry, held 10.39% of FNB until his passing in 2020. The Alternative was unable to confirm who now holds his shares. The al-Saqr is a notable Kuwaiti merchant family that has had close ties with the royal family since the 1950s.
Khaled’s brother Mohammad al-Saqer founded United Investments (UI), in which he retains a 1% stake, with this holding company itself having a 7.12% stake in FNB. Mohammad has served as the chairman of the Kuwait Chamber of Commerce and Industry since 2020. He has also served as Chairman of the Arab Parliament (1999-2005), President of the Council on Arab and International Relations (since 2009), member of the National Assembly of Kuwait (1999-2009), and editor-in-chief of the Kuwaiti newspaper Al-Qabas (1983-1999).
Mohammad al-Saqer’s uncle, Abdallah Hamad al-Saqer, served as FNB’s Chairman until the current chair, Rami Rifaat al-Nimr, took over in 2001.
Rolan Elias Haraoui, the son of former President Elias Haraoui (1989-98), also sits on the FNB board of directors and holds 4.85% of the bank.
Among the other notable shareholders is Ghassan Antoine Yared, a Lebanese expatriate in Ghana since 1993 who has built one of the country’s largest business conglomerates. Yared is also the Honorary Consul of Peru in Ghana and owns 1.27% of FNB.
 FNB, ‘FNB Group Profile, about First National Bank Lebanon’, accessed 9 March 2023, https://www.fnb.com.lb/aboutus/Pages/FNB-group-profile-Lebanon.aspx.
 Ministry of Justice, ‘Commercial Registry of Lebanon’.
 Union of Arab Chambers, ‘Al-Sager Is the New President of the Kuwait Chamber of Commerce & Industry’, UNION OF ARAB CHAMBERS, accessed 9 March 2023, https://uac-org.org/en/News/details/2352/الصقر-رئيسا-جديدا-لغرفة-تجارة-وصناعة-الكويت.
 L’Orient Le Jour, ‘Banque – Rami Rifaat El-Nimr Prend La Tête – de La First National Bank’, L’Orient-Le Jour, 30 March 2001, sec. Actualités, https://www.lorientlejour.com/article/331945/Banque_-_Rami_Rifaat_el-Nimr_prend_la_tete__-_de_la_First_National_Bank.html.
 Association des Banques du Liban, ‘Almanac of Banks in Lebanon 2022’ (Beirut: Association des Banques du Liban, 2022).
 Ministry of Justice, ‘Commercial Registry of Lebanon’, accessed 9 March 2023, http://cr.justice.gov.lb/.
 ‘Ghassan Yared | LinkedIn’, accessed 9 March 2023, https://www.linkedin.com/in/ghassan-yared-40060b19/?originalSubdomain=gh.
Correction: A previous version of the article and infographic misrepresented FNB as having economic interests connected to a certain Mohmad Ibrahim Bazzi through a holding company named Africa Middle East Investment Holding SAL. The article and infographic have now been updated to show the correct name of the company with shares in FNB – Africa Investment Holding SAL.
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