Beirut, January 22, 2019: In support of education and youth, BBAC (Bank of Beirut and Arab Countries), headed by its Chairman Sheikh Ghassan Assaf, and Saint Joseph University led by Professor Salim Daccache s.j, signed a Memorandum of Understanding (MOU) to establish a joint fund in the name of late Sheikh Toufic Assaf, founder of BBAC in 1956. The fund aims at granting scholarships to deserving students in need of assistance to pursue their higher education. In the scope of the MOU, the contribution of both parties has been determined at an equal amount, to be paid in two installments over 2019 and 2020. This initiative comes as a tribute to the memory of Sheikh Toufic Assaf, a supporter of youth and their ambitions, who had a significant impact on the Lebanese society through his role in the industrial and banking sectors as well as in politics.
Professor Daccache when speaking of the great qualities of Sheikh Toufic Assaf and BBAC said, “I see three qualities that apply both to him and to the bank he established, in addition to the other businesses he started: Composure, efficiency and the love of giving opportunities to the youth,” Daccache further added, “As a dedicated university established for the whole country, today we are very pleased to inaugurate such a partnership with BBAC through a special fund under the name of Sheikh Toufic Assaf. For such an initiative not only commemorates his beloved memory but confirms his message and the mission of the bank in supporting education for all. For it is through education that countries are made, ignorance is abolished and the bridges of communication and love are built between people”, Daccache added.
Sheikh Ghassan Assaf, in his turn, asserted in the occasion, “the students of Saint Joseph University are a young republic essence, capable of building the republic of the modern age”; thus, summarizing part of the way the bank sees the pioneers of the future graduating from the university, and going out in the world to work for a prosperous country. Assaf concluded, “Back to the ever-present in our minds, Sheikh Toufic Assaf, who was young at spirit through all the stages of his patriotic and professional life, looking to the future with the hope of achieving his dreams and ambitions. The future of the Lebanese youth is, in fact, one of his undying dreams. Today, we have the opportunity to take part in a prestigious university that gives a number of its students the chance to complete their education and achieve their goals in the country of missed opportunities. Today, and to fulfill our promise of being “Your Caring Bank”, we plant in Saint Joseph University in hopes that Lebanon harvests accredited competences in all fields.”
About BBAC
Founded in 1956, BBAC (Bank of Beirut and the Arab Countries) is today one of the leading Lebanese commercial banks. Through its Head Office and its network of 41 branches dispersed throughout Lebanon, BBAC offers the full scope of banking and financial services, positioning it as a universal bank fully capable of meeting the needs and demands of all its customers, from individuals to companies of various sizes. These services include Retail Banking, Corporate Banking, Commercial Banking and Trade Finance, Private Banking, Treasury and Capital Markets, and Bancassurance through a subsidiary. BBAC also has a branch in Cyprus (Limassol), three branches in Iraq (Erbil, Baghdad and Sulaymaniyah) and two representative offices in the United Arab Emirates (Abu Dhabi) and Nigeria (Lagos), as well as a wide network of ATM machines to accommodate all of its customers’ banking needs. As “Your Caring Bank”, BBAC constantly strives to be a reliable and accessible financial partner to its customers. Nevertheless, BBAC’s care goes beyond the ordinary framework of the banking industry to touch the needs of the whole community through its various social responsibility initiatives.
For more information, you can visit www.bbacbank.com.
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