BBAC Bank

Bank of Beirut and the Arab Countries (BBAC) traces its origins to an alliance forged in 1956 between three prominent investment magnets, the late Toufic Assaf - entrepreneur, industrialist and politician, the late Nashaat Sheikhelard - financier and businessman, and the late Jamal Shehaiber - financier and trader, when the three partners recognized Lebanon’s need for a different kind of banking services and practices. The bank is registered on the Beirut Commercial Registry under number 6196 and on the Lebanese List of Banks as number 28. The first branch opened in Lebanon’s capital Beirut, on Allenby Street at the heart of Beirut City Center. Toufic Assaf was named Chairman and General Manager, and so he remained until 1996.