February 1st, 1948
Banque Saradar S.A.L. was founded on the 1st of February 1948, when after 30 years of experience at the French Bank of Syria then in a private bank as a manager, Mr. Marius Saradar established an individual financial enterprise in a 40 m2 space, with the help of two colleagues, and named it MARIUS SARADAR – MAISON DE BANQUE.
January 8, 1953
The small counter on Allenby Street became a limited partnership with a statutory capital of 350,000 Lebanese pounds, under the name of BANQUE MARIUS SARADAR. It was officially registered at the Beirut Commercial Register under n° 662.
July 28, 1956
The Bank underwent a final change into a joint-stock company and took its current name of BANQUE SARADAR S.A.L., which was registered in Beirut under the n° 5960. Its fully paid-up capital, which was equivalent at the time to one million Lebanese pounds, practically remained in the hands of Mr. Marius Saradar and his family.
February 12, 1962
Following the death of Mr. Marius Saradar, his son Mr. Joe Saradar succeeded him as CEO of the Bank at the age of 24.
1975-1977
Until the beginning of the war in 1975, the Bank only operated from its offices on Allenby Street, and the greater part of its activities remained focused within the capital.
In 1976, the only office owned by the Bank was pillaged and burned, but anything of value had already been previously removed from there. After downtown Beirut became the scene of bloody battles, the Bank had to move eight times to safer locations. It is thus that many temporary offices were established in Brummana, Hamra, Rabyeh and Jounieh (the homes of Mr. Joe Saradar and Mr. Abdo Jeffi, Printania Hotel, Printania Palace, Hotel Commodore…). At the same time, the Bank opened a liaison office in Nicosia for simplifying external trade operations and foreign transfers.
Banque Saradar decided to stay open despite the country’s tragic events, to refrain from imposing any restrictions on commercial withdrawals, and to adopt an extremely flexible policy regarding private withdrawals.
During the first two years of war (1975-1977), the total bank deposits increased by 240% instead of decreasing. Also, the balance sheet total was multiplied by 2.7.
After the restoration of the normal state of things in 1977, the Nicosia liaison office was kept, and the temporary locations of Brummana, Hamra, Rabyeh and Jounieh were turned into permanent branches and established in more appropriate locations.
May 3, 1984
Opening of the Dora branch.
February 2, 1987
On the 1st of February 1987, Banque Saradar France, a bank under French jurisdiction, was founded in Paris in association with Crédit Chimique, which was later merged with Banque Phénix and became La Banque du Phénix.
Located on avenue George V, Banque Saradar France is a bank under French law and constitutes a legal entity that is independent from Banque Saradar S.A.L. Its capital is held at 70% by the groupe Multi Investissements (groupe Saradar) and at 30% by la Banque du Phénix, a subsidiary of A.G.F. (Assurances Générales de France), which is controlled in great part by the French State.
January 31, 1990 – October 13, 1990
Following the start of the war, the Bank went through periods of complete isolation due to the closed roads and the cut phone lines.
During the first two weeks of February, the general administration decided to open the Bank at any price, in order to continue to offer its services to its clients and remain up to its reputation. Hence it was necessary to provide fuel, electricity, and phone contacts …
The branches of Rabyeh, Hamra, and Brummana opened their offices, welcoming in addition to their clients those of the Zouk, Dora and Ashrafieh branches.
The Zouk branch started to operate on the 20th of February 1990 on the basis of 3 times per week, 2 hours per day, until it went back to its normal office hours on the 12th of March 1990.
Out of the 80 employees at the main Ashrafieh branch, around 30 were ensuring services to the clients in the district.
As for the Dora branch, it was closed.
These two branches were temporarily established in Rabyeh: there were 49 employees who were unable to commute each day, and who slept in the administration’s building – bloc 1, which was equipped with showers, dorms, etc., …
It is not until December 1990 that they resumed their activities in their original locations.
August 24, 1992Following the death of Mr. Joe Saradar, his son Mr. Mario Saradar succeeded him as CEO of the Bank on September 23, 1992 at the age of 25.
1992 to 1995Mario Saradar sets about to institutionalize, restructure and expand the Bank
The Bank shifts its strategy to focus on Private Banking, Corporate Banking and Investment Banking
April 1996La Financière Saradar s.a.l., renamed Saradar Investment House s.a.l. (SIH) in 2000, is
established. It offers advisory services in mergers and acquisitions, business evaluation and
balance sheet restructuring, as well as underwriting and placement of financial instruments.
Jul. 1997Agence Saradar d’Assurances sal. (ASA) is founded. It is committed to offering institutional
insurance brokerage and consulting services.
Jul. 1997Orion Système sal-Holding (through its subsidiaries Arcane Technologie and LSBI) succeeds
to Société d’Informatique et de Télécommunication SITEL sal. It ensures the development and
marketing of the integrated banking software “Orion Finance ®”, operational in some twenty
institutions throughout Europe, the Middle East and Africa.
1998Banque Saradar receives a vote of confidence through the participation of the International
Finance Corporation (IFC – subsidiary of the World Bank) in its capital.
1998Banque Saradar acquires a 70% stake in the capital of Banque Saradar France.
2000Natcan Holdings International Ltd (subsidiary of the National Bank of Canada)
acquires 15% of Banque Saradar.
Oct. 2000Société Libanaise de Factoring sal. (SOLIFAC) is established. It ensures the efficient
management, collection and financing of customers’ receivables, as well as insurance against
default.
Dec. 2000Fondation Saradar, a non-profit organization, is launched. It first aims at offering financial
assistance to colleagues, then broadens its activities to meet the needs of the Lebanese society.
May 2001Saradar Equity sal-Holding is established. It holds the Bank’s equity in the different
subsidiaries of the Group. Its role is to manage the subsidiaries, offering strategic direction and
allocating resources, and to identify investment opportunities in businesses with a high potential
for profitable growth.
May 2001LogistiX sal., the back-office company of the Group, is established. It offers banking and financial operations, as well as administrative and technology services in the areas of IT
infrastructure, to institutions and companies that can benefit from third party provision of such
non-core activities to streamline operations, cut costs or increase flexibility.
Jan. 2004The Bank moves to its new headquarters, Clover Building, on Charles Malek Avenue.
March 2004After having reached a new dimension, Banque Saradar was merged with Bank Audi sal and became one of the largest shareholders of Bank Audi sal – Groupe Audi Saradar.
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Marius Saradar - Maison de Banque - 1948.
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