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Bank Audi says it is merging the local business operations of Audi Private Bank and Audi Investment Bank into its business
The Lebanese banking sector has witnessed its first merger since the financial crisis hit the country in 2019, as banks continue to experience difficult and uncertain operating conditions.
Bank Audi is merging the local business operations of its fully-owned subsidiaries Audi Private Bank and Audi Investment Bank into its own business.
All the assets, liabilities rights, and commitments of Audi Private Bank and Audi Investment Bank will be transferred to Bank Audi. The total assets of Audi Private Bank stood at $1.43 billion while the assets of Audi Investment Bank totalled $307.5 million.