Lebanon has appointed a new governor for its central bank. Karim Souhaid was officially named to the role on Thursday during a cabinet meeting held at the presidential palace in Baabda. His nomination received the backing of 17 ministers, while seven opposed it.
Born in 1964 in Qartaba, a village nestled in the Mount Lebanon region, Souhaid carved out an impressive academic path. He first earned a law degree from Saint Joseph University in Beirut before heading to Harvard Law School, where he completed a master’s degree. While at Harvard, his research centered on the foundational principles of the Glass-Steagall Act, a landmark piece of U.S. banking regulation. He capped off his legal training by gaining admission to the New York Bar in 1989.
Souhaid’s professional journey has spanned continents and sectors. He began as managing director of investment banking services for HSBC in the Middle East. He later co-founded GrowthGate Equity Partners, a firm focused on alternative investments with a strong footprint across the MENA region. His corporate governance experience includes serving on the board of Emirates Lebanon Bank. Throughout his career, he has developed a reputation for his expertise in large-scale privatizations and IPOs, with notable transactions involving Arab Potash in Jordan, Industries of Qatar, Agthia in the UAE, and Investcom Holding.
His influence extended into the retail sector in Morocco, where he served on the board of Retail Holding, the parent company of Label Vie, which operates Carrefour stores throughout the country. This position strengthened his ties with the Moroccan business community, where he is well-regarded. Friends and colleagues frequently mention his affinity for Moroccan culture and his regular visits to the country.
An authority on U.S. and Lebanese financial regulation, Souhaid is recognized for his deep understanding of banking compliance and oversight standards, including Basel III and the Volcker Rule. While his appointment was championed by President Joseph Aoun, it was not without controversy. Prime Minister Nawaf Salam had instead put forward Firas Abi Nassif as his preferred candidate.
Beyond his professional life, Souhaid is married and has three children. He is also the brother of former parliamentarian Farès Souhaid. He has contributed to prominent financial publications such as The Wall Street Journal and The Financial Times and has collaborated with Harvard academics on research into the evolution of private equity in the Middle East.
