Bank Audi is a universal bank operating principally in Lebanon and the Middle East and North Africa (MENA) region, offering a full range of products and services that cover commercial and corporate banking, retail banking, private banking and investment banking, as well as insurance activities through its subsidiary, LIA insurance sal.As at September 30, 2010, Bank Audi ranked first among Lebanese banks in terms of total assets, shareholders’ equity, customers’ deposits, loans and advances, and profits. Bank Audi has the largest branch network in Lebanon, with a total of 80 branches (of which 73 operating branches and 2 private banking branches), and operates a network of 11 branches in Jordan and a representative office in the United Arab Emirates (Abu Dhabi). Bank Audi also has 3 subsidiaries in Lebanon, 3 in Europe and 5 in the MENA region outside Lebanon. On a consolidated basis, the Group operates a network of 1575 branches spread principally in the MENA region.
Bank Audi was founded in 1830 and incorporated in its present form in 1962 as a private joint stock company with limited liability (société anonyme libanaise) for a duration of 99 years. The Bank is registered in the Beirut Commercial Registry (no. 11347) and in the Lebanese List of Banks (no. 56). At the time of its incorporation, the shareholder base included members of the Audi family, together with Kuwaiti investors, namely the Sabbah family and the Homaizi family. Since 1983, the shareholder base has expanded. The Bank’s Global Depositary Receipts (GDRs) are listed on both the Beirut Stock Exchange and the London Stock Exchange, and its common shares are listed on the Beirut Stock Exchange.
Over the past 5 years, Bank Audi undertook a significant regional expansion course and now ranks fourth among the 15 largest Arab banking institutions by assets in terms of regional coverage, with operations in 11 countries through a network of branches and subsidiaries developed mainly through “green-field” operations outside Lebanon and resulting in an increasing percentage of Bank Audi’s assets and revenues. At present, Management intends to continue pursuing expansion opportunities in new and existing high value-added markets.
Bank Audi’s ratings continue to be leveled at the sovereign ceilings. The long-term foreign currency deposit obligations of Bank Audi were rated B1 by Moody’s Investor Services Limited (Moody’s), while Bank Audi’s senior debt was rated B by both Standard & Poor’s (S&P) and Fitch IBCA Ltd (Fitch Ratings). Moody’s, S&P and Fitch Ratings have each assigned a stable outlook, but have indicated that this outlook remains constrained principally by the risk of the Lebanese Republic. On the national scale, Bank Audi was assigned the highest national score rating in Lebanon by Moody’s: Aa1.Lb. As a matter of fact, the reports of the different agencies commend the Bank’s consistent growth, its diversified and developed banking services, and its financial performance as reflected by high capitalization, liquidity and good asset quality ratios. The 3 agencies’ annual reports are also in agreement when it comes to praising the Bank’s particular strengths, such as its strategic vision, regional expansion, management team, human capital and shareholders base.
As at September 30 2010, 4,613 employees work at Bank Audi and its consolidated subsidiaries, of which 2,537 persons are employed in Lebanon alone. Bank Audi's head office and registered address is Bank Audi Plaza, Omar Daouk Street, Bab Idriss, Beirut 2021 8102, P.O.Box: 11-2560, Beirut, Lebanon.