Audi to launch seven branches in Turkey

Bank sees profits’ growth in first nine months

Bank Audi’s fully owned Turkish subsidiary, Odeabank, recently obtained a license to operate from the Turkish Banking Regulation and Supervision Agency. The bank was granted in October last year the first permission to establish a banking subsidiary in Turkey in more than 12 years.

Bank Audi said it expects its operations in Turkey to be “one of the main pillars of growth for the Group in the coming years.” Odeabank will be opening the first five branches in Istanbul, one branch in Ankara, and one branch in Izmir before the end of the year.

Bank Audi sal – Audi Saradar Group reported a 14 percent y-o-y rise in profits during the first nine months of 2012. Net earnings after provisions and taxes rose to $309 million, out of which $32.8 million from discontinued operations. When excluding the latter, the group’s net operating profits increased to $277 million, posting a three percent growth. Bank Audi sold an 81 percent majority stake in its insurance subsidiary, LIA Insurance, during the first quarter of the year.

The bank’s consolidated assets reached around $29 billion, despite the significant contraction of assets of its Syrian subsidiary.

Bank Audi is present in Switzerland and France. It also has operations in Jordan, Egypt, Saudi Arabia, Qatar, Gibraltar, and Monaco, amongst others


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