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PARTNERSHIP BETWEEN BYBLOS BANKAND THE 5th LARGEST FRENCH BANCASSURANCE GROUP “ASSURANCES BANQUES POPULAIRES” ACQUIRES 34% OF"ADIR"

Despite the economic difficulties that Lebanon is going through, it nevertheless continues to be attractive to many international companies that are investing in the country and use their domestic offices as a gateway to the region.
In this respect, Byblos bank the 3rd largest financial institution in Lebanon is pleased to announce a partnership between its fully owned insurance company Adonis Insurance and Reinsurance Co. sal (ADIR), and the 5th largest
bancassurance group in France, Assurances Banque Populaire, an affiliated company of Natexis Banques Populaires.

This new venture will bring the competitive edge of two major groups for offering life and savings products to the Lebanese consumers.
Byblos will bring the second largest and best spread branch network in lebanon along its leadership in consumer banking and sales know how, whereas the French group will bring its expertise in designing, marketing and managing insurance products in a banking environment.
Assurances Banque Populaire will acquire 34% of ADIR. The objective of the new venture will be to branch out in all the Arab countries in the second phase to sell bancassurance products either directly though affiliates or branches or indirectly through local partners.

With a large experience in the insurance sector, Mr. René Klat is to be elected as Board Member and Chief Executive Officer of the new venture while the Chairman will continue to be Dr. François Bassil, current Chairman of both Byblos Bank and ADIR.  The Board of Directors of the new venture will include senior management members of the French group including Mr. Jean-Pierre Morin – Chairman of Assurances Banque Populaire in France -, eminent Lebanese businessmen, selected Byblos Bank senior executives, Mr. René Klat and Mr. Jean Hleiss current Assistant General Manager of ADIR.  This important strategic move by Byblos Bank falls into the bank objectives to diversify its sources of income by capitalizing on its existing network, client base and sales culture. It is also in line with the expectations of households who wish to secure their future as well as the future of their children.

Byblos Bank and the French group look forward in the near future to set up further alliances in other financial services areas with other companies of the French group such as asset management, leasing, creation of funds....