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Banker Middle East 2011

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					Banker Middle East 2011
Company: BLOM Bank SAL
Award Category: Best Car Loan
Name of product: Sayarati




Contact Details
Mohammad Sinno
Retail Marketing Department

Hamra, Daher Bldg
P.O Box 11-1912 Riad El Solh
Beirut 1107 2807, Lebanon
Telephone: 00961 1 758000 ext 5023
Fax: 00961 1 737459
Email: blom.retaildept@blom.com.lb
URL: www.blomretail.com
              Total Number of branches/offices: 58

              How is the product distributed or offered to clients:
               Clients can apply to the Sayarati Car Loan program by visiting any
               of our branches across Lebanon. Clients can also apply via the
               BLOM Retail official website www.blomretail.com, or by
               contacting our 24-hour Call Center.

              Countries served: Lebanon

              Estimated market share % if applicable: 25%

              Estimated % increase in market share 2010: 21.27%

              Estimated total number of clients: 36,212

              Estimated new clients: 12,462

              Average annual cost of service/product to client:
             Between 4.5% and 7% & (50$+1.5/1000*TOTAL LOAN
             INTEREST)/ NUMBER OF YEAR

              Interest/profit rate charged if applicable: Between 4.5%
               and 7%

              Audience:
             BLOM Bank offers Sayarati, a car loan providing the optimal and
             instant solution for anyone interested in buying their dream car in
             Lebanon.

              Unique product features and benefits:
            Unique product features                       Unique product benefits
Very fast approval, instant in about 33 % of cases Flexible down payment policy
Up to 6 years                                       Flexible product terms
Motor insurance for the entire period               Free life insurance
Availability of product in Euro                     Free credit card
Financing for trucks, ATVs, Motorcycles and         Payment possible from any branch
boats
The loan is characterized by its favorable conditions: No down payment is to be made
for all used cars. The loan is also differentiated by its utmost flexibility allowing the
customer to enjoy ease of payment with a relaxing 6 years reimbursement period.
The loan offers an amount starting $3,000, and its duration ranges between 1 & 6
years.

Pricing includes a life insurance policy covering the amount of the outstanding loan
amount, and the customer benefits from a MasterCard Transparent card, free of
charge for the first year, in case he is applying for a new car.

The loan can also cover trucks and motorcycles of all kinds, as well as boats and
yachts for those interested.
BLOM worked on special offers with some of the major car dealers in Lebanon, in
order to provide the best packages for its customers.
BLOM internally developed a workflow system to process all car loan applications,
thus benefiting from Electronic Archiving, as well as speed in approval and response
cycles.
The most important achievement, however, lies in the instant grant service for car
loans. BLOM Bank has distinguished itself from other banks, by creating an
automatic scoring system that would provide an accurate feedback about the car loan
file. The scoring system provides the Credit Committee with clear and simple results
on whether to accept or reject the car loan application.
Moreover, the scoring system has created a paperless environment, and eliminated
many of the bureaucratic procedures.
            Supporting Information:

Results as shown in the Car Loan Special Issue by Al Nahar Newspaper in May 2010:


           30, 000

           25, 000

           20, 000

           15, 000

           10, 000                                                          Car Loan application
            5, 000

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            Benefits to BLOM:
        Sayarati Car Loan program has attracted a lot of clients. This program has empowered
        our brand image, and brand name. The number of clients who have applied for this
        loan reflects the leadership that BLOM enjoys.
        It has also played a very positive role for our sister company Arope Insurance.
        With this car loan, BLOM Bank sal has acquired high interest margins.
        We need to mention that the bank experienced good collection experience, leading to
        low default rates.
        This loan has also introduced us to the leading car dealers and automobile agencies
        across the Lebanese territories.

            Why we deserve to win:
        Al Nahar newspaper, in a special issue about Car Loans in May 2010, ranked BLOM
        Bank as the first bank in Lebanon with the highest number of applications between all
        other banks. The difference is a staggering one with more than 12,000 applications
        between BLOM and the bank ranked as second. BLOM Bank represents the highest
        market share in Lebanon, and that is due to providing clients with an excellent
        customer service, along with dealing with an outstanding insurance company, BLOM
        Bank’s sister company, Arope Insurance.
        This product has shown to be very successful, that we have decided to export it to
        Jordan, Syria and Egypt. BLOM branches in these countries have adopted this product
        and are working in the same way in order to capture the market share and promote
        this product as the best in the region.

				
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