Historical Milestones
HISTORY OF BANKMED
A Defining Landmark
  • 1944 Bankmed's roots date back to 1944 when it was first establish as a credit institution called “Banque Naaman et Soussou.”
  • 1954 Members of the Trujillo family of the Dominican Republic purchase the Bank.
  • 1955 The Bank is incorporated as a joint stock company under the name of “Eastern Commercial Bank.”
  • 1970 The name of the Bank changes to “Banque de la Méditerranée.”
  • 1973 The Fidelity Bank (Philadelphia) acquires 80% of the Bank’s shares and the remaining shares are purchased by United Trading Group Kuwait and Dr. Osman Aidi.
  • 1976 A group of Arab investors establish a Luxembourg-based company, Arab Investors Group (AIG), for the purpose of investing in various financial, industrial and real estate companies and projects.
  • 1980 AIG’s name is changed into Méditerranée Investors Group (MIG), and the latter acquires 59% of the Bank’s shares from Fidelity Bank (Philadelphia). At that date, the remaining shares were held by: The Fidelity Bank (Philadelphia) 12%, United Trading Group (Kuwait) 15%, and Joseph El-Khoury 14%. MIG-controlled companies are as follows: Banque de la Méditerranée-France, S.A; Banque d’Affaires Franco-Arabe, S.A., which subsequently becomes Compagnie Financière de la Méditerranée, S.A. (Paris); Compagnie Financière de la Méditerranée Cofimed (Geneva) and Méditerranée Investors Group-USA, Inc.
  • 1981 H.E, Late PM, Mr. Rafik Hariri, acquires 73% of the shares of MIG.
  • 1982 H.E, Late PM, Mr. Rafik Hariri acquires the remaining balance of MIG shares.
  • 1983 MIG acquires the balance of the Bank’s shares; therefore, the Bank, with a capital of LBP 50 million and a banking network of 13 active branches, becomes a wholly owned subsidiary of MIG. In the same year, the Bank’s capital is increased to LBP 100 million.
  • 1985 Banque de la Méditerranée (Suisse), S.A. is established as a wholly owned subsidiary of the Bank.
  • 1988 Banque de la Méditerranée (UK), Ltd. is established as a wholly owned subsidiary of Banque de la Méditerranée-France S.A.
  • 1992 Banque de la Méditerranée-France is merged into Banque Française de l’Orient S.A. (BFO), a French banking institution controlled by Crédit Agricole Indosuez. As part of the same transaction, the ownership of Banque de la Méditerranée (Suisse), S.A. is transferred to BFO.
  • 1994 Méditerranée Investors Group (Liban) is incorporated in Lebanon by H.E, Late PM, Mr. Rafik Hariri. It acquires the entire shares of the Bank from other related entities.
  • 1995Banque de la Méditerranée acquires 75% of Saudi Lebanese Bank to become the largest bank by total assets in Lebanon.
  • 1996 Méditerranée Investment Bank is established in Lebanon. Banque de la Méditerranée acquires 35% of BFO from a related company.
  • 2001 Banque de la Méditerranée acquires 35% (later increased to 40%) of Credit Card Services (CSC), a financial institution engaged in various credit card operations in Lebanon and other Arab and Middle Eastern countries. The Bank buys 35% share in BFO from Crédit Agricole Indosuez and acquires of 100% of BFO Suisse. The latter’s name changes to BankMed (Suisse). The Bank acquires Allied Business Bank in Lebanon(together with its subsidiary in Cyprus) and changes its name to Allied Bank.
  • 2003 Med-Bancassurance is established, and the name is changed later to GroupMed Insurance Brokers – Lebanon (GMIB).
  • 2004 Allied Bank acquires 5% of the capital share of CSC.
  • 2005 Banque de la Méditerranée changes its name to "BankMed".
  • 2006 The Board of Directors of Bankmed adopts major reorganization and restructuring measures with key changes in the Bank’s senior management. Allied Bank merges into Bankmed and the remaining 25% of Saudi Lebanese Bank (SLB) are acquired by Bankmed. SLB activity is consolidated within Bankmed. Méditerranée Investors Group (Liban) name is changed to GroupMed (Holding).
  • 2007 Bankmed acquires 41% of MNG Bank in Turkey along with Arab Bank which also acquires 50% of MNG, and the bank is renamed Turkland Bank (T-Bank). SaudiMed Investment Co. is established in Saudi Arabia and starts its activity in July 2008. MedSecurities Investment SAL (Brokerage arm) is established as a wholly owned subsidiary of Bankmed and starts its activity in April 2008.
  • 2009 Bankmed issues 1,000,000 Series I Preferred Shares, for a total size of USD 100,000,000 and a tenor of 5 years.
  • 2010 The Bank increases its share in T-Bank from 41% to 50%. T-Bank is now 50% owned by Bankmed and 50% by Arab Bank Group.
  • 2011 Méditerranée Investment Bank changes its name to MedInvestment Bank. Emkan Finance SAL (microfinance lending arm) is established in Lebanon as a wholly owned subsidiary of Bankmed. The microfinance business of Emkan was initially established in 2008 under an NGO and was later converted in 2011 into a financial institution, licensed by the Central Bank of Lebanon.
  • 2012 Bankmed expands into Iraq and opens two branches (Baghdad and Erbil). Bankmed increases its capital and issues 2,250,000 Series 2 Preferred Shares, for a total size of USD 225 million and a tenor of 5 years.
  • 2013 Bankmed and GroupMed International acquired respectively 55% and 45% of the Turkish insurance company, Demir Sigorta a.s.The company’s name was later changed to Turkland Sigorta (T-Sigorta).T- Sigorta undertakes all kinds of insurances except for life insurance.
  • 2014 Bankmed opens in Basra, Iraq. The Bank issues 1.5 million new Series 3 Preferred Shares at an issue price of USD 100, contributing further to the Bank's capital increase of USD 153 million.
  • 2015 Bankmed and MedSecurities Investment open in the Dubai Financial International Centre (DIFC).