Mr. Mohammad Hariri, the Chairman and General Manager of Group Med, announced that Allied Bank has merged with BankMed. Mr. Hariri stated that the merger is part of an organizational restructuring plan underway at BankMed. It aims to consolidate the activities of the bank and to improve and diversify its offering of products and services.
Mr. Hariri said that the merger will give customers access to a larger network of 46 branches. He also commented that the number of branches will increase in the near future following the planned consolidation of Saudi Lebanese Bank with BankMed. The bank aims to strengthen its retail and corporate business activities as well as its asset management capabilities. He added that BankMed, along with its subsidiary banks, Mditerrane Investment Bank, Saudi Lebanese Bank and BankMed (Suisse), will play an increasingly active role in the various segments of the economy.
In conclusion, Mr. Hariri conveyed his thanks to the Central Bank of Lebanon and to the Banking Control Commission for their support and guidance. He also thanked the bank's valued customers, correspondent banks and the employees of GroupMed reiterating the Group's strategy to contribute to the development and growth of the national economy and welfare of the community.
-Ends-
© Press Release 2006
