The acquisition of an Egyptian bank in March 2006, the granting of an investment licence in Saudi Arabia in May 2006, the acquisition of 75% of National Bank of Sudan in July 2006, and new licences in Qatar and Abu Dhabi have pushed the Audi network into eight countries and further cross-border expansion is expected. With 78 branches in Lebanon, Audi has the largest franchise among Lebanese banks and has managed to reduce its cost-income ratio to a healthy 45.2%.
“We value and appreciate once again being The Banker’s Bank of the Year for Lebanon. It is an important recognition for Bank Audi’s expansion and development efforts at a steady dynamic pace,” says chairman Raymond Audi. “Beyond enhancing its positioning in its domestic market over the past year, Bank Audi has accelerated the pace of its regional expansion, launching outlets in a number of new markets in the Middle East and North Africa region.
“Looking ahead, the bank aims to continue pursuing its efforts in terms of new business development, product and service diversification and cross-border expansion towards high value-added regional markets, thus reinforcing its positioning as a fully fledged regional bank in a fast-growing region of banking opportunities.”
