Dr. Freddie C. Baz. (The Daily Star/Hasan Shaaban)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Bank Audi's bold move to diversify income and expand regionally is paying off despite the turmoil in the Middle East and political standoff in Lebanon, a senior executive said Monday.Audi, the largest bank in Lebanon in terms of profits, assets and deposits, was one of the leading lenders to expand regionally over the past 10 years, in a bid to reduce its dependence on the local market and diversify income."We started making profits from operations in Turkey in May 2014, two and half years after launching," Baz said.He added that Odeabank now represents between 20 to 22 percent of Bank Audi's consolidated assets and around 5 to 6 percent of net profits. In terms of profits, between 40 percent to 45 percent comes from Audi's subsidiaries abroad.Baz said that Bank Audi's operations are mature and are making good contributions to the consolidated profits of the bank.Baz argued that Bank Audi in Lebanon, Turkey, Egypt and other countries is now focusing on organic growth.
Dollar demand ‘nothing unusual’, Lebanese bankers say
Lebanon to pay top yield on new Eurobonds
S&P: Lebanon FX reserves enough for a year
FOLLOW THIS ARTICLE