Audi goes to Turkey

Bank Audi obtains license to operate subsidiary in Turkey with a capital of $300 million

Bank Audi said that it has received a license to establish a deposit bank in Turkey with a starting share capital of $300 million.

“The Banking Regulation and Supervision Agency (BDDK) of Turkey granted Bank Audi the permission to operate in the country on October 27th,” the bank announced.

This is the first banking license Turkey has offered in 11 years.

Bank Audi attempted, in July, to acquire Tekstilbank, a financial institution owned by Turkey’s GSD Holding. After the acquisition failed, Audi entered direct negotiations with BDDK for an operating license in the country.

The Chairman of Bank Audi, Raymond Audi, said that Turkey is an attractive emerging market with a strong growth potential. He said that the new subsidiary will target the Turkish middle corporate segment. He also said that it will consider developing retail products.

As at end-September 2011, Bank Audi’s consolidated assets reached $28.7 billion, with shareholders’ equity amounting to $2.3 billion. Bank Audi’s shares are listed on the Beirut Stock Exchange (BSE). Its Global Depositary Receipts (GDRs) are listed on both, the BSE and the London Stock Exchange.