Summary of the Code of Ethics and Professional Conduct
The "Code of Ethics and Professional Conduct" (the “Code”), which is regularly updated and communicated to the Bank's entire staff, requires all employees to avoid activities that may result in conflict of interest between customers or employees. It also requires all employees to be alert against money laundering activities and exercise honesty and due diligence when performing their duties.
Bankmed is committed to provide a timely, accurate, and balanced disclosure of all material information about the Bank to the broadest possible audience. This Disclosure Policy demonstrates the Bank's commitment to transparency in reporting obligations to its stakeholders.
To ensure transparency, the Bank's Annual Reports disclose correct and fair accounting information prepared in accordance with applicable standards. The disclosed financial statements include complete financial information and data, not just summaries. The statements are kept confidential until officially published in a way that will reach the audience in a timely manner.
In order to maintain transparency and fair dealings with related parties, the Bank is committed to apply the requirements of Articles 152 and 158 of the Lebanese Money and Credit Law and Commercial Law respectively, which require strict approval rules and conditions on the Bank's facilities granted to any member of its Board, Executive Management or principal shareholders or to members of their families. Facilities are subject to the pre-approval of the Shareholders' Assembly and Board and are secured by adequate and sufficient collaterals.
As part of Bankmed’s commitment to accommodate its services and products to its clients’ needs and in alignment with BDL Circular 134 “The Principles of Banking & Financial Operations with Customers” and BCC Circular 281, the Bank established a “Customers Support Department” responsible for the implementation of the Bank’s policy of dealing with the Clients namely provisions stipulated by BDL Circular 134. The “Customer Support Department” works in accordance with an approved charter and is not involved in performance of operations execution at the Bank (Bankmed).
In addition, Bankmed updated its Code of Ethics and provided training for all its employees regarding the “The Principles of Banking and Financial Operations with Customers” to facilitate proper treatment of clients, understanding client rights, and the Bank’s obligations in that regards.