The general assembly of Banque Libanaise pour le Commerce S.A.L. (BLC) elected Michael Rowehab to succeed Chafik Muharram as chairman and board member after the latter submitted his resignation. No reason was given for Muharram’s decision to resign from a position he assumed a year ago following the departure of Safi Harb due to breach of the money and credit law.
Rowehab was previously general manager of National Bank of Kuwait (Lebanon), and his appointment is seen by some as signaling the intention of BLC’s board to accelerate the bank’s restructuring after merging with United Bank of Lebanon. Before Rowehab’s appointment, Muharram had said that, in response to a Central Bank request, BLC had made heavy provisions for bad loans. The bank made a loss of $3.2 million in 1999 following one of $4.3 million in 1998. — ( Banque du Liban et d'Outre-Mer Sal )
© 2001 Mena Report (www.menareport.com)
