Founded: 1961
Total Assets*: US$4.05 billion
Customer Deposits*: US$3.24 billion
Ranking by Assets*: 12
(*as of Dec 31, 2021, ABL Almanac 2022, converted at LL1507.5/US$)
Background
IBL Bank first opened in 1961 under the name ‘Development Bank SAL’. In 1998, most shares were acquired by Lebanese and foreign investors, and consequently changed the bank’s name to ‘Intercontinental Bank Lebanon’. The board of directors finally named it IBL Bank in 2008 for branding purposes.[1]
IBL Bank’s chairman is Salim Habib, a prominent businessman and the largest single shareholder in the Bank, with a 12.5% stake. He was formerly a member of parliament.[2]
Before passing away, Mohamad Baydoun was a prominent IBL shareholder (3.43%) with political exposure. Formerly an Amal Movement senior official, Baydoun held several positions within the Amal political bureau and was close to Amal leader Nabih Berri until 2005, when he became affiliated with the March 14 political movement.[3] Baydoun served as a member of Parliament (1992-2005), minister of housing and cooperatives (1990-1992), and minister of electrical and water resources (1992, 2000-2003). He passed away on May 17, 2022.[4] The Alternative was unable to confirm who took ownership of Bayoun’s IBL shares.
Elie Ferzli, who owns a 2.01% stake in IBL Bank, was the information minister (2004-2005)[5] and deputy speaker of Parliament (1992-2004, 2018-2022). In 2018, he was elected on a list backed by the Amal Movement,[6] but lost his seat in the 2022 Parliamentary Elections.[7]
[1] IBL Bank, ‘IBL Bank’, accessed 17 March 2023, https://www.ibl.com.lb/english/about-ibl/history
[2] Fawwaz Traboulsi, ‘Social Classes and Political Power in Lebanon’ (Heinrich Boll Stiftung, n.d.), https://lb.boell.org/sites/default/files/fawaz_english_draft.pdf.
[3] Aawsat, ‘رحيل محمد بيضون… رائد المراجعة الذاتية ل”الشيعية السياسية”’, May 19th 2022, https://aawsat.com/home/article/3653231/%D8%B1%D8%AD%D9%8A%D9%84-%D9%85%D8%AD%D9%85%D8%AF-%D8%B9%D8%A8%D8%AF-%D8%A7%D9%84%D8%AD%D9%85%D9%8A%D8%AF-%D8%A8%D9%8A%D8%B6%D9%88%D9%86-%D8%B1%D8%A7%D8%A6%D8%AF-%D8%A7%D9%84%D9%85%D8%B1%D8%A7%D8%AC%D8%B9%D8%A9-%D8%A7%D9%84%D8%B0%D8%A7%D8%AA%D9%8A%D8%A9-%D9%84%D9%80%C2%AB%D8%A7%D9%84%D8%B4%D9%8A%D8%B9%D9%8A%D8%A9-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9%C2%BB.
[4] Web Archive El Nashra, ‘وفاة النائب و الوزير السابق محمد عبد الحميد بيضون بعد صراع مع المرض’, May 17th 2022, https://web.archive.org/web/20220517182548/https://www.elnashra.com/news/show/1570050/%D9%88%D9%81%D8%A7%D8%A9-%D8%A7%D9%84%D9%86%D8%A7%D8%A6%D8%A8-%D9%88%D8%A7%D9%84%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%B3%D8%A7%D8%A8%D9%82-%D9%85%D8%AD%D9%85%D8%AF-%D8%B9%D8%A8%D8%AF-%D8%A7%D9%84%D8%AD%D9%85%D9%8A%D8%AF-%D8%A8%D9%8A%D8%B6%D9%88%D9%86-%D8%A8
[5] Ministry of Information, ‘Ministry of Information’, accessed 17 March 2023, http://www.pcm.gov.lb/arabic/subpg.aspx?pageid=2021.
[6] Manhom,’ايلي الفرزلي’, accessed 21 March 2023, https://manhom.com/%D8%B4%D8%AE%D8%B5%D9%8A%D8%A7%D8%AA/%D8%A5%D9%8A%D9%84%D9%8A-%D8%A7%D9%84%D9%81%D8%B1%D8%B2%D9%84%D9%8A/.
[7] The New Arab Staff, ‘Lebanon Elections: The 5 Biggest Surprises so Far’, https://www.newarab.com/ (The New Arab, 16 May 2022), https://www.newarab.com/news/lebanon-elections-5-biggest-surprises-so-far.
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].
