On October 30, 1991, a wealthy Lebanese Family incorporated the bank as a Societe Anonyme Libanaise (joint stock company) under the name "Bank of Commerce SAL". The bank conducted limited activities until the beginning of 1994. At that time, a group headed by Mr. Mohammad Jassem Al Sager and comprised of Kuwaiti, Saudi, UAE businessmen, industrial, and financial investors as well as Lebanese professionals, acquired 100% of the bank's share capital. Following this change in ownership, the bank started new and diversified banking activities in January 1996.

   During 2000, Lebanon Invest SAL acquired 62% of the bank's shares on behalf of a group of investors. Accordingly, Mr. Rami El Nimer was appointed Chairman of the bank's Board of Directors. In December 2002, he was appointed the bank's General Manager. During the second half of 2002, the bank acquired the total outstanding share capital of Societe Bancaire du Liban (SBL). The merger was completed on December 31, 2002. The acquisition of SBL contributed assets totaling LBP 119, 974 million (USD 79.6 million), which represented over 40% of the overall growth in the bank's assets.

   Consequently, the bank widened its network by four branches. In 2007, First National Bank acquired 58.96% of total shares of capital of Middle East Capital Group Ltd (Guernsey). In 2008, the bank completed another acquisition and today owns 98.924% of the total shares of MECG. The bank has been reporting consolidated financial statements with MECG since March 2007.

During the second half of 2009, First National Bank negotiated to acquire the Consumer Finance Company S.A.L (CFC) in order to enhance its retail banking services. The deal was closed in early 2010 by acquiring 100% of CFC’s total shares.