The Lebanese government appointed Karim Souaid as the country’s new central bank governor on Thursday, securing 17 out of 24 votes in a decision that has generated significant debate in recent weeks.

Ahead of the vote, Souaid was summoned to the presidential palace, where he answered questions from several ministers who attended the government session. The meeting aimed to familiarize the ministers with Souaid and provide them with insight into his vision for the central bank.

After the session, Prime Minister Nawaf Salam expressed his reservations about the appointment of Karim Souaid, stating that the latter was not his preferred candidate for several reasons, particularly regarding depositors' rights.

"Regardless of who becomes the new central bank governor or any existing reservations, the most important matter is that he aligns with our government's financial policy, especially in negotiations with the International Monetary Fund and efforts to restructure Lebanon's banking sector to safeguard depositors' rights," Salam said.

Souaid’s career spans over three decades and includes prominent roles in investment banking and corporate finance. Before founding Growthgate Partners in 2006, Souaid served as Managing Director of Global Investment Banking at HSBC Bank in the Middle East. During his tenure at HSBC, he was responsible for regional activities in corporate finance, privatization, mergers and acquisitions (M&A), corporate restructurings, and equity capital raising across key Middle Eastern markets, including the GCC, Levant, Egypt, Morocco, Iraq, and Iran.

Throughout his career, Souaid has led significant privatization deals in the region, advising on the privatization of industries in Qatar, Jordan, Oman, and the UAE. His experience also extends to guiding landmark IPOs, including the regional offering of Dana Gas and the international IPO of Investcom, a leading telecom operator in emerging markets.

In the M&A space, Souaid’s expertise was pivotal in high-profile deals such as advising Bahrain’s BaTelco on its acquisition of Jordan’s Umniah Telecom and guiding TECOM in the UAE on its purchase of the EU broadband operator Inter-Route. He also played an advisory role in HSBC’s acquisition of Iraq’s Dar Al Salam Bank.

Souaid’s academic credentials include a Bachelor of Laws (LLB) from the Jesuit School of Law at St. Joseph University in Lebanon, a Master of Laws (LLM) from Harvard Law School, and executive certifications from Harvard Business School in corporate valuation and restructuring. He is also a member of the New York State Bar Association, further emphasizing his international experience and academic pedigree.