He was the founder and managing partner of Growthgate Equity Partners,a private equity firm focusing on investments in the Gulf Cooperation Council (GCC) and the broader MENA region. Souaid is recognized for his opposition to Hezbollah's influence in Lebanon's financial system.
Early life and education
Souaid was born in Qartaba,Mount Lebanon,in 1964. He holds an LL.B. from St. Joseph University (Lebanon) and an LL.M. from Harvard Law School,where he specialized in U.S. banking regulations. His master's thesis focused on the Glass-Steagall Act of 1933,a landmark U.S. law separating commercial banking from speculative investment banking.[1] Souaid also completed executive programs at Harvard Business School in corporate valuation and restructuring.[1][2]
Career
Growthgate Equity Partners
In 2006,Souaid founded Growthgate Equity Partners,an alternative asset management firm specializing in private investments across the GCC and MENA regions.[1][3] Under his leadership,Growthgate has established itself as a prominent player in mid-market private equity investments,managing assets worth over $1.7 billion as of 2019.[4][2]
HSBC Bank (Middle East)
From 2000 to 2006,Souaid served as managing director of Global Investment Banking at HSBC Bank (Middle East). During this time,he led several high-profile transactions:
Initial Public Offerings (IPOs),including Dana Gas (the first privately held natural gas company in the Middle East) and Investcom (a leading emerging markets telecom).[2]
Mergers &Acquisitions (M&A),such as Bahrain’s Batelco acquiring Umniah Telecom in Jordan.[2]
Legal career
Before transitioning to finance,Souaid worked as a corporate finance attorney from 1989 to 1995 in New York City law firms specializing in securities offerings,IPOs,and M&A transactions.[1][2]
Expertise in Banking Governance
Souaid experience in banking regulations across U.S.,Lebanese,and international frameworks. His work includes advising on Lebanese bank IPOs and compliance with Banque du Liban regulations. He chaired the Audit Committee of an Emirati bank operating in Lebanon,ensuring adherence to Basel III standards and other international regulatory frameworks. His expertise extends to public sector financial transactions,including drafting privatization laws and structuring capital market transactions across the Middle East.[2]
Role in Lebanese Financial Reform
In March 2025,he was appointed Governor of Lebanon's Central Bank following discussions about reforming the country's financial sector.[5][6][7] He officially took office on 4 April 2025.[8] His appointment is seen as a step toward combating illicit financing linked to Hezbollah and restoring confidence in Lebanon's banking system.[5][9] The reform challenges he faces are:
Banking Secrecy Reform:
The IMF has emphasized the need to overhaul Lebanon's decades-old banking secrecy laws,which impede transparency and accountability. Proposed amendments would allow authorities to lift banking secrecy retroactively during restructuring processes to address financial sector failures.[10][11]
Banking Sector Restructuring:
Lebanon must establish a dedicated authority for resolving failing banks,as the current Banking Control Commission lacks enforcement powers. This includes creating a legal framework for bank resolution and addressing depositors' compensation mechanisms.[10][11]
Fiscal and Debt Sustainability:
The IMF calls for reforms to ensure fiscal discipline and reduce Lebanon's debt burden. This includes harmonizing exchange rates and curtailing government borrowing to stabilize the economy.[10][12]
Governance and Transparency:
Strengthening governance in state-owned enterprises and enhancing data transparency are critical to restoring investor confidence and informing policymaking.[13][12]
Economic Rehabilitation Strategy:
A comprehensive strategy is needed to reboot Lebanon's economy,focusing on growth enablers,reducing unemployment,and improving social conditions.[12][13][14]
Addressing Financial Gaps:
Lebanon must draft legislation to address its financial gap,including mechanisms for rebalancing deposits at the Central Bank without triggering widespread financial collapse.[11]
Personal life
Souaid is married with three children and holds Lebanese citizenship.[15]
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