28 Oct 2011 16:51
Press Release
Banking License in Turkey
Awarded to Bank Audi
Beirut, October 28, 2011
Bank Audi sal- Audi Saradar Group has announced today that it has been granted permission to establish a deposit bank in Turkey with a starting share capital equivalent to USD 300 million. The permission was granted by the Board of the Banking Regulation and Supervision Agency of Turkey on October 27, 2011 and promulgated in the Turkish official gazette (number 28098) on 28 October 2011.
With a population of 72 million inhabitants, and a GDP of US$ 763 billion, growing on average by 4.1% per annum in real terms, Turkey is an attractive emerging market with a strong potential. Bank Audi's interest to expand its banking operations there is based on the strong historical ties between Turkey and the Arab World, supported by an increasing yearly trade turnover (reaching US$ 33 billion in 2010), of which an important share is with the countries of presence of Bank Audi, offering enticing opportunities for cross-border transactions between the two geographic areas.
Mr. Raymond Audi, Chairman of the Board of Directors of Bank Audi, joined by Mr. Samir Hanna, Group CEO, declared:
"It is the first time that such a license is granted in more than 10 years. The fact that we were privileged is yet another acknowledgment of our good financial standing and of our eligibility. Our new subsidiary will particularly target the Turkish fast growing middle corporate segment, which offers a large potential for financial services. Furthermore, our group, which enjoys a high liquidity level, will also benefit from the high quality financing opportunities that large creditworthy Turkish corporations provide, allowing us to build a captive market share. In parallel, we will explore the possibility to develop retail products, which would build a new value added franchise."
About Bank Audi sal - Audi Saradar Group
Bank Audi is a full fledged regional bank with presence in 10 different countries. It offers universal banking products and services including Corporate, Commercial, Individual, Investment, and Private Banking services. As at end-September 2011, Bank Audi's consolidated assets reached US$ 28.7 billion, principally driven by private customers' deposits of US$ 24.9 billion, with shareholders' equity reaching US$ 2.3 billion. Bank Audi's group staff headcount exceeds 5,000 employees and its shareholders base encompasses more than 1,500 holders of Common Shares and/or holders of Global Depositary Receipts (GDRs) representing Common Shares.
Bank Audi ranks first among Lebanese banks and is positioned in the inner circle of top Arab banking groups in the Middle East and North Africa region. Its shares are listed on the Beirut Stock Exchange. Its GDRs are listed on both, the Beirut Stock Exchange and the London Stock Exchange.
For more information:
Dr. Freddie C. Baz Tel: +961 1 977 477
Group CFO & Strategy Director