Michael Sayegh, chairman of Jordan Commercial Bank (JCB) has been appointed to The National Bank’s (TNB) board of directors, following TNB’s successful acquisition of JCB’s operations in Palestine. The acquisition saw JCB take a 15% stake in TNB’s paid-up capital of $92 million and gain a seat on its board of directors.
Welcoming Mr. Sayegh to the board, TNB’s chairman Talal Nasereddin said:
“We are delighted that Michael Sayegh has joined our board, as his in-depth and extensive banking experience will make a significant contribution to TNB. He joins a diversified board that brings together some of the most reputable companies and prominent Palestinian businesspeople.
“We are proud of the composition of TNB’s board which has one of the highest female member representation among banks and companies in Palestine. Our belief, that sustainable economic development can only be achieved with the full participation of women, is at the heart of all we do, starting with our board and across our policies, products, and services. TNB is committed to gender inclusion both amongst its employees and in Palestine as a whole.”
TNB’s board includes the Palestine Telecommunications Company (PalTel) and its representatives, Maen Melhem and Salameh Khalil, Bank al Etihad and its representative, Issam Salfiti, and now the Jordan Commercial Bank and its representative Michael Sayegh. Prominent businesspeople on the board include Talal Nasereddin, Omar Munib Masri, Samir Zuraiq, Manal Zuraiq and Dina Munib Masri. Prof. Grace Khoury, Aziz Abdul Jawad and Ayyoub Zurub are the independent members with Kamal Abu Khadiheh representing the minority shareholders.
In addition to its gender inclusion policies, TNB adopts and applies the Palestine Monetary Authority’s corporate governance best practices through its procedures and mechanisms, such as the formation of the board and the committees responsible for planning, supervising and fulfilling the bank’s objectives. These committees include minority shareholders and are headed by independent members to ensure impartial decision making. TNB also adopts the Environmental, Social and Governance considerations (ESG) and is currently working on developing a comprehensive Corporate Governance diagnostic and action plan with a well-known, international body to ensure the implementation of the highest international standards in this area.
Michael Sayegh is the Board Chairman of Sayegh Group since 1979, comprising 33 companies across the Arab world, Eastern and Western Europe and Asia. Sayegh Group operates in different industries, such as chemicals, engineering, household appliances, real estate, banking, and media, providing consumers with numerous and various services, products, and commodities. The Group employs 5,000 employees.
Mr. Sayegh is the board chairman, board member and honorary president of several companies, associations and clubs, including: Chairman of all Sayegh Group’s companies, Chairman of the National Paints, a member of the Board of Trustees of the King Abdullah II Award for Self-Employment and Entrepreneurship – Amman, Honorary President of the Orthodox Club – Fuheis, member of the Orthodox Central Council Founder and Vice Chairman, the Executive Committee in the Orthodox Society member, the Board of Trustees of the Association of International Affairs Founder and Chairman, the Palestine International Institute for Research and Services member, the Arab Paint and Coating Producers Association - representing Palestine member, the Board of Trustees of Jordan Medical Aid for Palestinians member, the Board of Trustees of the Jordanian Society for Scientific Research (JSSR) member, Al Jazeera Sudanese Jordanian Bank - Sudan Chairman, Arab Company for Paints Products - Palestine Member, the Board of Trustees of the Hashemite University Chairman, Dimensions Jordan & Emirates Commercial Investments Corp. He received his BA in Public Administration and Political Science from the University of Jordan (1971).