Following the merger of Banque Audi and Banque Saradar in June 2004, the already highly competitive Lebanese banking market took on a new shape. The new Bank Audi conglomerate not only witnessed significant growth in Tier One capital and total assets of 47% and 48% respectively, but net profits grew by 32.2%, all helping Audi to close Blom Bank’s market lead and strengthen its leadership over Byblos Bank.
The merger helped strengthen Audi in all areas of commercial and retail banking, private banking as well as corporate and investment banking along with improved efficiencies and cost savings.
Chairman Raymond Audi notes: “The extension of our branch network, the expansion of our range of products and services and the upgrading of our human capital, IT and infrastructures have actually positioned us among the most efficient banks in the consolidation of Lebanon’s banking industry, closing five M&A transactions over the past few years. Consequently, our regional expansion policy, which is following suit, allows us henceforth to enter the tight circle of large Middle Eastern banks. We see being granted this Bank of the Year award this year as a fair recognition of all our efforts.”
