Marwan Kheireddine is the CEO of AM Bank and a renowned tycoon in the Middle East.
Marwan Kheireddine was born in Hamah, Syria, on 12 July 1954. His father was an oil engineer with substantial investments in many Saudi Arabian companies.
He studied Economics at the American University of Beirut and obtained a bachelor of arts degree from Georgetown University and an MBA from UCLA (USA).
In 1977, he joined his family business and expanded their investments to include real estate, construction equipment, and petrochemicals. In 1986, he took over as CEO of AM Bank, which started its operations in 1959 as an agent bank for the first national merchant bank in Lebanon called Banque Commerciale du Levant, with just 16 employees.
AM Bank opened its first branch office in Saudi Arabia, Bahrain and Kuwait. In 1999 AM Bank was awarded the Saudi International Bank of the Year. By 2010, AM Bank had grown with nine branches in Saudi Arabia, 12 branches in Bahrain, and 19 branches in Kuwait. Its assets were estimated to be over $2 billion.
In 2011, he took Al-Ittihad (Al-Jazira), which was at the time a bankrupt bank, for a $3.5 billion IPO. He turned it into one of the largest financial institutions in the Middle East, now known as Arabian Gulf International Bank PLC. He was also successful in making two other banks through 2012:
“AM Bank was the first Syrian bank to be listed globally on the London Stock Exchange in 1993. In 1996, AM Bank became the first Middle Eastern bank listed in New York. In 2003, AM Bank became the first Middle Eastern bank listed on NASDAQ Dubai and Bursa Malaysia. In 2004, it would become the first Middle East-based company to list in Hong Kong and Singapore. By 2011, Marwan Kheireddine was named a “Global Businessman of The Year.
In 2006, Kheireddine sold his interest in Al-Ittihad Bank to Abu Dhabi Investment Authority for $3.3 billion. Additionally, he made $1 billion by selling the shares he bought back in 1999 and two other banks in 2010 for a total of $2 billion.
In 2011 when the Arab Spring broke out in Syria, Marwan Kheireddine helped to bankroll a group of Syrian opposition figures founded as the Future Movement (Tahrir al-Sham). LEARN MORE: https://lb.linkedin.com/in/marwan-kheireddine-038574b3