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Lebanon Finance News

Dedicated to economic and business news on Lebanon, managed by the team of Lebanon Opportunities.

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Audi Bank

Bank Audi sells cards unit to M1 Group. Deal estimated at $185 million

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Bank Audi has sold its electronic payment and card services business to M1 Financial Technologies, a subsidiary of M1 Group. M1 will operate the business via Areeba SAL.

The value of the deal is $185 million, but is subject to adjustment of u….
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Audi writes off $191 million in Syria, Sudan investments. Positive growth in all Q3 indicators

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Bank Audi announced that it has written off its investments in Syria and Sudan for an amount of $191 million. In its third quarter results report, the bank declared a 15.2 percent growth in profits over the same period of last year, to $350 million…..
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Le Vendome secures debt reschedule scheme. The value of loans is around $100 million

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Bankmed and Bank Audi have agreed to refinance the debts of La Société des Grands Hotels du Liban (SGHL), owners of the Hotel Phoenicia and Le Vendome, after negotiations to restructure the debt. Bankmed is the main lender.

Th….
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IFC to invest in Bank Audi Turkey. Capital increase of $342 million will include EBRD and other investors

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Odea Bank in Turkey, a subsidiary of the Bank Audi Group, said it will increase its capital by one billion Turkish lira ($342.6 million) through subscriptions from new shareholders and its mother company. The bank had $471 million in equity at the e….
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Four banks bidding for local HSBC branches. Fransabank, BLF, BLOM, and Audi have been prequalified

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Fransabank and BLF are among the banks seeking to acquire the local operations of HSBC, according to a source close to the deal.

BLOM Bank and Bank Audi are also competing for the deal. HSBC has prequalified four banks only.

The banks….
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BDL assets at $91 billion up by a yearly six percent. Assets from exchange operations of financial instruments was main growth driver

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The Central Bank’s (BDL) assets grew by 6.1 percent to $91.4 billion at the end of 2015 compared with the end of 2014.

The growth was mainly driven by assets from exchange operations of financial instruments, which totaled $11.6 billion at t….
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Alpha banks still growing at a slower pace. Tough operating environment puts pressure on assets, loans and deposits

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Alpha banks, the first 14 banks with deposits exceeding $2 billion each, have reported a slowing activity this year, according to the Alpha report issued by Bankdata Financial Services.

Consolidated assets grew by 2.6 percent over the first n….
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Bank Audi plans to expand foreign footprint. Eyes UK and sub-Saharan countries

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Bank Audi is planning to have its foreign entities constitute 60 percent of its consolidated activity. Around half of the bank’s activity has been derived from its entities outside the local market.

Freddie Baz, Group Strategy Director and V….
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FFA: BLOM shares stable Audi and Byblos to decline. Growth in net profit, assets, deposits, and loans of each of the banks in 2015

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FFA Private Bank revised down the target price on the shares of Bank Audi and Byblos Bank due to tough operating conditions and foreign exchange devaluation in key global markets. FFA kept the target price on Blom Bank’s stock unchanged.

The ….
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