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Immediate Release – Credit Libanais sal
Beirut, April 11, 2019 – Credit Libanais, one of Lebanon’s leading Banks, announced in a ceremony held at its headquarters, that it has become a signatory of the “Investors for Governance & Integrity – IGI” declaration, confirming as such the Group’s commitment to the highest standards of good corporate governance practices and business integrity.
The signing ceremony took place in the presence of Dr. Joseph Torbey, Chairman and General Manager of Group Credit Libanais, Mr. Yasser Akkaoui, Chairman of Capital Concept and top executives of prominent Lebanese and International financial and commercial institutions, in the presence of media.
By becoming a signatory of the “Investors for Governance & Integrity – IGI” declaration, Group Credit Libanais commits to maintain and continually improve corporate governance practice, in order to mitigate financial risks and protect the Group internal and external stakeholders’ rights. Dr. Torbey declared that “the effective practices of corporate governance is a key factor in gaining and strengthening the confidence of investors and depositors in the banking system, which in turn plays a major role towards achieving the optimal performance of the banking sector and the overall economy ”.
In his turn, Mr. Akkawi said “The financial environment is governed by constantly changing circumstances, making it difficult to ignore the investors’ requirements of stringent corporate governance standards. Signatories of the “Investors for Governance and Integrity – IGI ” declaration adhere to these new requirements of transparency. Financial Institutions’ commitment to good corporate governance standards represents a guarantee for current and potential investors, and contributes to the development of the banking sector and promoting Lebanon as a safe investment destination for international players.”
The “Investors for Governance & Integrity – IGI” declaration forms a platform that brings together investors and corporates that recognize the importance of best corporate governance practices to mitigate financial risks. By becoming an IGI signatory, Credit Libanais commits to maintain and continually improve its corporate governance practices in line with the best international standards.
About Capital Concept
Since 2004, Capital Concept has been advising companies in the Middle East and North Africa region on corporate governance. Through its alliance with leading international organizations such as the Organization for Economic Cooperation and Development (OECD), the International Finance Corporation (IFC) and the Center for International Private Enterprise (CIPE), as well as through close relationships with regional central banks and capital market regulators, Capital Concept assists clients in implementing best in class corporate governance standards. In April 2013, Capital Concept became the first corporate governance advisory firm recognized by Lebanon’s central bank, Banque du Liban (BDL), to review the banking sector in Lebanon and the MENA region.
For more information, visit: www.capitalconcept.com.lb
About Credit Libanais
Credit Libanais, established in 1961, is one of Alpha Banks Group banks in Lebanon. The Bank has a network outreach of 79 branches including local and international presence in Cyprus, Bahrain and Iraq, a representative office in Canada and a subsidiary bank in Senegal. CL enjoys a relationship with globally strategic major international correspondent banks. Leveraging on its extensive branch network, the Bank’s major activities include retail banking services, including cards, corporate banking services, trade finance services, capital markets services and private banking and asset management services. CL holds a dominant position in the e-banking and e-commerce through several of its affiliates and provides technology solutions, logistics and marketing for ATM and POS networks and payment gateway solutions for e-commerce.
For more information, visit: www.creditlibanais.com.lb