Audi Private Bank (APB) Merges Operations with Bank Audi

Audi sal and Audi Private Bank sal have announced the merger of their business operations in Lebanon and the transfer of all the assets, liabilities rights and commitments of Audi Private Bank sal to Bank Audi sal, following the final approval of the Central Bank of Lebanon ref: 871/C.C./3 based on the decision of the Central Council N° 4320/25/ dated December 9, 2020.

The General Assembly of Bank Audi sal held on September 4, 2020 has approved the acquisition of all assets, liabilities, rights and commitments of Audi Private Bank sal.

This merger will provide the needed business continuity to all APB customers in terms of banking services, thus making the transition as smooth as possible for the customer.

It will also create substantial values and synergies on the operational front while taking into consideration the current status of the Lebanese macro environment. The latter has indeed significantly affected the banking sector in general and the Private Banking business model in Lebanon in particular, while dictating a reconsideration of the said business model and the implementation of strategic changes.

This strategic merger enhances the future competitive positioning of Bank Audi with a significant elimination in duplication and lower operating expenses. Specific synergies were created in this respect, which integrate, among others, the governance and control frameworks of APB into those of Bank Audi.

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