The Lebanon-based Bank Audi SAL, also known as the Audi Saradar Group provides commercial, private, and investment banking services in addition to insurance, brokerage and investment activities directly and through subsidiaries. The group operated 78 licensed branches and 135 ATM’s in Lebanon and had over 30 subsidiaries in Lebanon, the Middle East, Europe and Africa, as of August 2008.

The group’s core activity is commercial banking, which includes retail and corporate banking. The commercial banking arm represented 57.3% of the group’s total operating income in 2007, which is up from 48% in 2006.

Through its subsidiaries, Bank Audi (Switzerland) SA and Audi Saradar Private BankAudi Saradar Private Bank (Lebanon), the group offers private banking to high net worth clients. The group’s investment banking arm, Audi Saradar Investment BankAudi Saradar Investment Bank is active in the capital markets and also invests in insurance companies and financial institutions on behalf of the group. The group provides bancassurance products through its subsidiary, Libano Arabe Insurance.

The group acquired the Cairo Far East Bank, in 2006, which it renamed Bank Audi EgyptBank Audi Egypt. In the same year, the group acquired the National Bank of Sudan, and in 2007, the group continued its regional expansion with the acquisition of Audi Saudi ArabiaAudi Saudi Arabia and Bank Audi Qatar. The group has eight branches in Jordan, four in Syria, a subsidiary in Sudan and a representative office in the UAE as of 2008.

The group has been expanding its activities beyond Lebanon. It generated 79% of its 2007 earning from domestic (Lebanese) operations while the remaining 21% came from International operations. This compared to 93% from domestic operations and 7% from International operations in 2006.

The bank dates back to 1830, when the family-owned operation began as a monetary exchange. In 1962, the bank was incorporated and became the foundation of the conglomerate known as Audi Bank. As of Dec 2007, Bank Audi ranked as Lebanon’s largest bank with LBP26 trillion (USD17.20 billion) in total assets. Listed on the Beirut Stock Exchange since 1983, it listed its GDR issues on the London Stock Exchange in 1990 and followed by a capital increase in 2001 due to a merger with Lebanon Invest. In a deal worth USD159 million, Bank Audi acquired Banque Saradar in June 2004, which grew Audi’s domestic and regional position.

Audi plans to increase its international presence and focus on its commercial and private banking as well as its asset management services.