In a remarkable event held in Beirut on March 20th, 2012, Mr. Maurice Sehnaoui, chairman of the board and General Manager of BLC Bank, launched the Women Empowerment Initiative after being the first Bank in Lebanon and the region to join the Global Banking Alliance for Women (GBA) and to sign the agreement issued by the United Nations (UN Women and UN Global Compact) showcasing its commitment to support and empower women and enhance their role as a strategic partner that represents half of the society.
It is worth mentioning that over the past year, IFC’s Advisory Services team worked with BLC to design financial services and banking products aimed at small and medium size businesses, in particular those owned by women. The work included market research to understand the needs of women-owned businesses, testing new product concepts, and launching full-fledged banking services targeting women.
For this reason, a conference was held at the Hilton Habtour Hotel in the presence and participation of Ms. Toyin Adeniji, Head of “Women in Business” at the International Finance Corporation (IFC) of the World Bank and Ms. Henriette Kolb – the CEO of the Cherie Blair Foundation that supports women to face challenges and enhance their role in society. The conference was held in the presence of many business women and men, media, invitees and collaborators from the Bank.
This conference included two panels, the first covering “Gender diversity and inclusion”, and the second “Challenges of SMEs and Women in business”.
Ms. Adeniji stressed on the fact that “extending access to finance for smaller businesses is key for economic growth. This partnership demonstrates that developing products targeting women owned businesses is a viable market strategy. The increasing participation of women in the economy can spur economic growth.”
Ms. Blair, represented by Henriette Kolb, confirmed that “this initiative provides women with the opportunity to become financially independent and make the most of their talents. This is one of the vital aspects for achieving equal opportunities for men and women. It is not a secret that providing such opportunities is the key to higher living standards and stronger economies. Women who are financially independent have greater control over their own and their children’s lives.”
Mr. Sehnaoui confirmed that “the initiative launched by BLC Bank qualifies it to become the financial and banking reference for women in the Middle East after being the first bank in the region to join the Global Banking Alliance (GBA) and to sign the Women Empowerment Principles and preparing the adequate tools for the inclusion and advancement of women in the business world based on the strong belief in their vital role in developing the economy.
He clarified that “As this initiative is important, we have delegated a specialized work team to listen to women and provide them with the support to achieve their personal and financial goals. We created products that meet their business aspirations and financial needs. The GBA membership enables the exchange of international expertise and to target the business sector owned or managed by women and to determine the best applications that meet their requirements. This, in turn, shall enhance the pioneering initiative of the Bank and open business channels in new markets.”
Sehnaoui indicated that “I am very proud of the initiative that aims at empowering women and contributing in the journey of women to enhance their financial performance. We, as a bank, employees, agents, investors and society at large, are concerned with providing a fair and healthy environment for enhancing the concept of equality and between men and women.
In a practical step, the Bank launched a new website dedicated to women (we-initiative.com) characterized by its independent content as an interactive platform for social communication, exchange of ideas and experiences between women, and the suggestion of adequate solutions for the professional and practical problems women face. This platform will also showcase the experiences of business women and will honor them through the BLC Bank WIN Award for Women Entrepreneurs, being the first banking annual prize in Lebanon handed to the best project run by a woman, and that under the supervision of an independent jury team.