A force composed of more than eighty investigators and specialized investigative judges carried out simultaneous raids targeting the main headquarters of Société Générale bank in La Défense – Paris and in Luxembourg. This campaign was conducted under the supervision of the French National Financial Prosecutor’s Office (PNF) and included searches of the homes of several senior bank employees, including executive directors, some of whom were taken in for questioning. Société Générale de Banque au Liban (SGBL) is a major Lebanese bank founded in 1953, with significant operations and investments both in Lebanon and Europe.
Major Shareholders
• Antoun Sehnaoui is the chairman, CEO, and main shareholder.
• His father, Nabil Sehnaoui, holds 57.5% of shares.
• The Kamel Group, linked by family ties, owns 23.5%.
• The French Société Générale group retains a 19% stake.
Operations and Investments in Lebanon
• SGBL operates with over 300,000 clients, 2,161 employees, and 91 branches across Lebanon and the region.
• The bank offers universal banking services including retail, corporate, investment, and private banking.
• It provides specialized financial services through affiliates in wealth management, leasing, insurance, and credit card processing.
• SGBL supports Lebanese SMEs with financing partnerships, notably a €15 million credit line with the European Investment Bank (EIB) and a $100 million package with the European Bank for Reconstruction and Development (EBRD) to boost SME growth and trade.
European Expansion and Investments
• In 2017-2018, SGBL expanded into Europe by acquiring Banque Richelieu France, Banque Richelieu Monaco, and Richelieu Gestion, creating Compagnie Financière Richelieu, fully owned by SGBL.
• This platform manages about $3.6 billion in assets under management, focusing on private banking and asset management.
• The acquisition marked SGBL’s strategic entry into the French and Monegasque markets, aiming to develop a leading international banking platform with tailored services for private clients
Regarding European operations, SGBL fully owns Compagnie Financière Richelieu, which includes Banque Richelieu France, Banque Richelieu Monaco, and Richelieu Gestion, marking its expansion into France and Monaco. This European platform is 100% owned by SGBL group, reflecting no separate major shareholders in Europe beyond the Lebanese parent company. The investigations aim to unravel a complex network of transactions and institutional structures suspected of being used for tax evasion and laundering of illicit funds. The bank, considered one of the major players in the global banking scene, now faces unprecedented judicial scrutiny as French authorities escalate their investigations into potential tax fraud and money laundering operations. These coordinated raids and investigations mark a decisive turning point in the fight against financial crimes targeting multinational banks. The scale and complexity of the suspected schemes reveal serious systemic gaps in Europe’s anti-money laundering (AML) compliance systems, which may prompt broader regulatory reforms at the continental level.
Société Générale (SGBL’s parent group) has a history of significant legal challenges:
• The most notable case involved Jérôme Kerviel, a trader whose unauthorized trades caused a €4.9 billion loss in 2008. Kerviel was convicted of breach of trust, forgery, and fraudulent data entry, sentenced to five years in prison, and ordered to pay symbolic damages to the bank. The case sparked extensive legal appeals and media attention.
• In 2018, Société Générale agreed to pay $1.4 billion to U.S. federal and state authorities to settle various legal disputes, reflecting ongoing regulatory scrutiny in multiple jurisdictions.
• The bank has also been involved in European legal proceedings, including a 1990s case against the European Commission concerning regulatory decisions.
• On the Lebanese subsidiary front, Société Générale de Banque au Liban (SGBL) faced litigation related to successor liability for the Lebanese Canadian Bank, which was designated a “primary money laundering concern” by the U.S. Treasury in 2011. Plaintiffs have pursued claims against SGBL for damages linked to terrorist attacks and alleged money laundering activities.
These past suits highlight Société Générale’s exposure to complex financial crime, regulatory compliance issues, and the challenges of managing multinational legal risks.
Antoun Sehnaoui is a prominent Lebanese banker, entrepreneur, and film producer with diverse business interests:
• Banking and Finance: He is Chairman of Société Générale de Banque au Liban (SGBL) and the SGBL Group since 2007. He also chairs Banque Richelieu in France and FIDUS Wealth Management, and was Vice-Chairman of Société Générale de Banque – Jordan until 2020.
• Real Estate and Tourism: Sehnaoui was an early investor in Beirut’s Saïfi and Gemmayzeh neighborhoods, opening popular restaurants like La Centrale and La Tabkha. He developed the Océana beach resort in Damour, which sparked further coastal tourism development. He is also one of the largest shareholders of SOLIDERE, Lebanon’s major real estate development company focused on downtown Beirut.
• Media and Publishing: He founded News Media in 1998, publisher of Executive Magazine, a leading English business magazine in the Middle East.
• Film Production and Arts Patronage: Sehnaoui is a film producer and patron of cultural events including the Beirut International Film Festival, Beirut Art Center, and the Francophone Book Fair. He supports Lebanese sports and donated $7 million to the Lebanese American University’s sports center.
• Philanthropy: He founded nonprofit organizations Lebanon Of Tomorrow (LOT) and BEY1 to provide social, medical, and food assistance amid Lebanon’s crises–
