Lebanon’s Bank Audi SAL is looking to sell its fully-owned Egyptian subsidiary Bank Audi SAE (Egypt), Saudi-owned Al-Arabiya TV has reported.

The potential sale is part of the Lebanese bank’s restructuring process amid the severe economic crisis that Lebanon currently faces.

S&P Global Ratings has recently lowered its long-term issuer credit ratings on three Lebanese banks including Bank Audi to 'SD” (Selective Default) and removed them from CreditWatch with negative implications. This followed recent measures by Lebanese banks to limit U.S. dollar-deposit withdrawals as well as restrictions of transfers of money abroad. Read more here:

Bank Audi entered the Egyptian market in 2006 with the acquisition of the three branches of Cairo Far East Bank SAE. Read here.

(Writing by nada.rifai@refinitiv.com , editing by Seban Scaria)

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