Lebanon Businessnews News

Saradar Bank to be resuscitated
Bank Audi deletes ‘Audi
Saradar Group’
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The Near East Commercial Bank (NECB) announced today that it has moved its headquarters from the Saifi building in Tabaris to the Saradar building on Charles Malek Avenue, in Achrafieh.

The move came after a series of initiatives taken by Mario Saradar, a few months ago. Saradar Group acquired around 51 percent of NECB, in July 2013. He was then appointed chairman of the bank. As is legally required, he also resigned from the board of directors of Bank Audi, where he has a 6.6 percent stake.

In a parallel move, the Extraordinary General Assembly of shareholders at Bank Audi resolved in December 2013 to change the name of the company to ‘Bank Audi S.A.L’, instead of ‘Bank Audi S.A.L – Audi Saradar Group’, and has amended its by-Laws accordingly.

A source at Bank Audi said that two steps will soon follow: First, Mario Saradar will sell his shares at Bank Audi and second, he will rename NECB ‘Saradar Bank’.

“Mario Saradar is currently recruiting high executives to foster the activities of NECB, some of which had been working with him at Saradar Bank before the merger with Bank Audi,” the source said.

Reported by Leila Rahbani
Date Posted: Feb 11, 2014
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