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: firstname.lastname@example.org 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 0 di Ba ank AC an ed b l ank Ba ank o f BC lib k Ah ut s an Au ai m BB ir HS an B B b Cr os B Be nk nk sa li om it Bl Fr nk By ed Ba 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.