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ANNUAL REPORT 2013

Corporate Governance

3.0. Biographies of Board Members

  • Raymond W. Audi
    Raymond W. Audi
    Chairman of the Board – General Manager
    • Age: 81 – Lebanon
    • Director since February 1962
    • Term expires at the 2016 Annual General Assembly of shareholders
    • Chairman of the Corporate Governance and Remuneration Committee
    Raymond Audi acts as Chairman of the Board of Directors and General Manager since December 2009. He had also served as Chairman of the Board of Directors and General Manager from 1998 through 2008, resigning from this position when he was appointed Minister of the Displaced in the Lebanese government. Mr. Audi resumed his position as Chairman of the Board of Directors effective December 22, 2009.

    He started his banking career in 1962, when, together with his brothers and with prominent Kuwaiti businessmen, he founded Bank Audi, building on a successful long-standing family business.

    Raymond Audi has played an active role in leading Bank Audi through both prosperous and challenging times to its current status as a widely recognised leading Lebanese and regional bank. He served as President of the Association of Banks in Lebanon in 1994.

    Raymond Audi is the recipient of several honours and awards, including, in July 2007, an Honorary Doctorate in Humane Letters from the Lebanese American University.
  • Marwan M. Ghandour
    Marwan M. Ghandour
    Vice-chairman of the Board
    • Age: 70 – Lebanon
    • Director since March 2000
    • Term expires at the 2016 Annual General Assembly of shareholders
    • Independent Non-executive Director
    • Chairman of the Group Audit Committee
    • Member of the Board Group Risk Committee
    • Member of the Corporate Governance and Remuneration Committee
    Marwan Ghandour is an independent member of the Board of Directors since March 2000 and the Vice-chairman of the Board of Directors since December 2009. He is a previous Vice-governor of the Central Bank of Lebanon. He held this position between January 1990 and August 1993, with primary responsibilities in the area of monetary policy. During this period, he was also a member of the Higher Banking Commission and various other government committees involved in economic policy. In this capacity, he liaised with various international institutions such as the International Monetary Fund (IMF), the World Bank and the Bank for International Settlements (BIS).

    From 1995 until July 2011, Marwan Ghandour served as Chairman and General Manager of Lebanon Invest sal, a leading financial services group in the region whose holding company merged with Bank Audi in 2000. He also served as Chairman of the Board of Directors of Audi Investment Bank sal, a fully owned subsidiary of Bank Audi, from 2005 until December 2011. He was elected Chairman of the Board of Directors of Banque Audi (Suisse) sa in March 2011 and Vice-chairman of the Board of Directors of Odeabank A.Ş., Bank Audi’s subsidiary in Turkey, in June 2012. He also serves as member of the Board of Directors of several affiliates of Bank Audi.

    Marwan Ghandour holds a PhD in Economics (Econometrics) from the University of Illinois (Post-doctorate research at Stanford University).
  • Samir N. Hanna
    Samir N. Hanna
    General Manager – Group Chief Executive Officer
    • Age: 69 – Lebanon
    • Director since August 1990
    • Term expires at the 2016 Annual General Assembly of shareholders
    • Executive Director
    • Chairman of the Group Executive Committee
    Samir Hanna joined Bank Audi in January 1963. He held several managerial and executive positions across various departments of the Bank. He was appointed General Manager of Bank Audi in 1986 and member of its Board of Directors in 1990. In the early 1990s, he initiated and managed the restructuring and expansion strategy of Bank Audi, transforming it into a strong banking powerhouse offering universal banking products and services including Corporate, Commercial, Retail, Investment, and Private Banking.

    He grew the Bank to its current position as the largest bank in Lebanon (and among the top 20 Arab banking groups), with presence in 13 countries, consolidated assets exceeding USD 36 billion, consolidated deposits exceeding USD 31 billion, group staff headcount exceeding 5,000 employees.

    Samir Hanna is also the Chairman of Odeabank A.Ş., Bank Audi’s subsidiary in Turkey, and member of the Board of Directors of several other affiliates of Bank Audi.

    He currently serves as the Group Chief Executive Officer and the Chairman of the Group Executive Committee, and heads all aspects of the Bank’s Executive Management.
  • Suad H. Al Homaizi
    Suad H. Al Homaizi
    Board Member
    • Age: 71 – Kuwait
    • Director since February 1962
    • Term expires at the 2016 Annual General Assembly of shareholders
    • Non-executive Director
    Sheikha Suad Al Homaizi is the widow of late Sheikh Jaber Al Sabbah, a prominent figure of the ruling family of Kuwait. She is one of the founders of the Bank. Sheikha Suad Al Homaizi serves as Chairman of the Commercial Kuwaiti Company Hamad Saleh Al Homaizi, which owns international licenses for pharmaceutical products, and is a member of the Board of Directors of several other Kuwaiti companies.

    She is a member of the Board of Directors of Bank Audi since February 1962.
  • Marc J. Audi
    Marc J. Audi
    General Manager – Country Manager Lebanon
    • Age: 56 – Lebanon
    • Director since March 1996
    • Term expires at the 2016 Annual General Assembly of shareholders
    • Executive Director
    • Member of the Group Executive Committee
    Marc Audi started his banking career at Bank Audi France sa in 1981. He then moved to Banque Audi California where he was appointed Director and Executive Vice-president. He later came back to Lebanon to join Bank Audi in 1993, and was appointed member of its Board of Directors in 1996. He held executive responsibilities successively in Commercial Lending and Capital Markets divisions. Marc Audi served as General Manager of Banque Audi (Suisse), the Private Banking arm of the Audi Group of Banks until 2005 and remains a member of its Board of Directors. He also serves as member of the Board of Directors of several affiliates of Bank Audi, and has been General Manager of the Bank since 2004, where he currently acts as the Lebanon Country Manager.

    Marc Audi holds a Master’s of Business Administration from the University of Paris IX – Dauphine.
  • Freddie C. Baz
    Freddie C. Baz
    General Manager – Group Chief Financial Officer & Strategy Director
    • Age: 61 – Lebanon
    • Director since March 1996
    • Term expires at the 2016 Annual General Assembly of shareholders
    • Executive Director
    • Deputy Chairman of the Group Executive Committee
    • Member of the Group Risk Committee
    Freddie Baz joined the Bank in 1991 as Advisor to the Chairman and founded the Secretariat for Planning and Development at the Bank. As the Group Chief Financial Officer and Strategy Director of the Bank, he now has overall authority over the finance and accounting, MIS and budgeting functions throughout the Group, and is responsible for the development of the Group strategy. He is also the Chairman of the Board of Directors of Bank Audi France sa, a fully owned subsidiary of Bank Audi, and a member of the Board of Directors of several affiliates of Bank Audi. Furthermore, Freddie Baz is the General Manager of Bankdata Financial Services WLL which publishes Bilanbanques, the only reference in Lebanon that provides an extensive structural analysis of all banks located in Lebanon.

    Freddie Baz holds a State PhD degree in Economics from the University of Paris I (Panthéon – Sorbonne).
  • Mariam N. Al Sabbah
    Mariam N. Al Sabbah
    Board Member
    • Age: 65 – Kuwait
    • Director since March 2001
    • Term expires at the 2016 Annual General Assembly of shareholders
    • Independent Non-executive Director
    • Member of the Group Audit Committee
    Sheikha Mariam Al Sabbah is the daughter of late Sheikh Nasser Sabah Al Nasser Al Sabbah and the widow of the late Sheikh Ali Sabah Al Salem Al Sabbah, who was the son of the former Prince of Kuwait and who held several ministerial positions in Kuwait, notably the Ministry of Interior. Sheikh Nasser Al Sabbah was one of the founders of Bank Audi. Sheikha Mariam Al Sabbah is a member of the Board of Directors of several Kuwaiti companies.

    She is a member of the Board of Directors of Bank Audi since March 2001 and was appointed member of its Audit Committee in March 2014.
  • Imad I. Itani
    Imad I. Itani
    General Manager – Head of Group Retail Banking
    • Age: 52 – Lebanon
    • Director since June 2002
    • Term expires at the 2016 Annual General Assembly of shareholders
    • Executive Director
    • Member of the Group Executive Committee
    Prior to joining the Bank, Imad Itani held several key positions in Corporate Finance for major energy companies in Canada. In parallel, he taught Economics and Finance to graduate students at the American University of Beirut. He joined Bank Audi in 1997 and headed the team that successfully launched the Bank’s Retail business line, today a major pillar of the Bank’s innovative and leading position. In 2002, Imad Itani was appointed Deputy General Manager and Member of the Board of Directors. He was later appointed General Manager. Imad Itani is also the Chairman of the Bank’s Sudanese Islamic Banking subsidiary acquired within the context of the Bank’s regional expansion, the Chairman of Audi Investment Bank sal, a fully owned subsidiary of Bank Audi, and member of the Board of Directors of Odeabank A.Ş., Bank Audi’s subsidiary in Turkey, in addition to his responsibilities as Head of Group Retail Banking and Head of Group Islamic Banking.

    Imad Itani holds a PhD in Economics from the University of Chicago.
  • Abdullah I. Al Hobayb
    Abdullah I. Al Hobayb
    Board Member
    • Age: 71 – Saudi Arabia
    • Director since April 2010
    • Term expires at the 2016 Annual General Assembly of shareholders
    • Independent Non-executive Director
    • Member of the Corporate Governance and Remuneration Committee
    • Member of the Group Audit Committee
    Abdullah Al Hobayb is the Chairman of Audi Capital (KSA) (an Investment Banking subsidiary of Bank Audi, incorporated in the Kingdom of Saudi Arabia) and a member of the Board of Directors of Bank Audi sae in Egypt and Odeabank A.Ş., Bank Audi’s subsidiary in Turkey. He was also an advisor to the previous Board of Directors of Bank Audi. He is the Chairman of several leading companies in Saudi Arabia comprising ABB Saudi Arabia (a leader in power and automation technologies), General Lighting Company Ltd (one of the largest manufacturers in the Middle East lighting industry), Ink Products Company Ltd (manufacturer of industrial ink) and United Industrial Investments Company Ltd (a leading paint manufacturing company).

    Abdullah Al Hobayb holds a Master’s degree in Electrical Engineering from Karlsruhe University in Germany.
  • Khalil M. Bitar
    Khalil M. Bitar
    Board Member
    • Age: 71 – Lebanon
    • Director since April 2010
    • Term expires at the 2016 Annual General Assembly of shareholders
    • Independent Non-executive Director
    • Chairman of the Board Group Risk Committee
    Khalil Bitar is a current Professor of Physics and a former Dean of the Faculty of Arts and Sciences of the American University of Beirut (AUB). He held this last position from 1997 until 2009, playing an instrumental role in advocating AUB’s strengths and regional position as the premier centre for higher education, and in re-establishing its PhD programs. Throughout his career, he held several academic and administrative positions, including Associate Director of the Supercomputer Computations Research Institute – Florida State University (between the years 1994 and 1997) and visiting Professor at leading academic institutes in Europe and North America (including the European Organisation for Nuclear Research in Geneva, the International Centre for Theoretical Physics in Italy, The Institute for Advanced Study in New Jersey, the Fermi National Accelerator Laboratory (Fermilab) in Illinois, the University of Illinois, Brookhaven National Lab. in New York, the Max Planc Institute in Munich, and the Rockefeller University in New York). He also served two mandates as member of The Institute for Advanced Study in Princeton, New Jersey, between 1968 and 1972. Khalil Bitar is also a member of the Board of Directors of Audi Private Bank sal and Chairman of its Risk Committee. He also served as member of the Board of Directors of Audi Investment Bank sal and Chairman of its Risk Committee from March 2012 until November 2013, and continues to serve as advisor to its Board for Risk Committee matters.

    Khalil Bitar holds a Bachelor of Science degree in Physics from the American University of Beirut, a Master’s of Science degree in Physics, and a PhD in Theoretical Physics from Yale University in the United States.