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Sun 4 Mar 2012 11:21 AM

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Lebanon's Bank Audi in Turkish expansion

The lender is aiming for up to 60 branches within a few years

Lebanon's Bank Audi in Turkish expansion
Bank Audi announced last October it had been granted permission to establish a deposit bank in Turkey. (Getty Images)

Lebanon's Bank Audi aims to open 50-60 branches in Turkey within a few years, and its priority in the Turkish market will be corporate and commercial banking, Chief Financial Officer Freddie Baz said at the weekend.

He told news agencies the bank also wanted to be active in the areas of leasing and factoring. "Within a few years we aim to reach 50-60 branches, mainly in big cities ... We plan to have around 15 branches in Istanbul," Baz said, adding they planned to open their first branch in the third quarter.

Bank Audi announced last October it had been granted permission to establish a deposit bank in Turkey with a starting share capital equivalent to $300 million. Bank Audi has a presence in 10 countries.

At the end of September 2011, its consolidated assets were $28.7 billion, with private customers' deposits of $24.9 billion. Baz said the bank was not currently considering merger or acquisition possibilities in Turkey, but they could assess any opportunities that arise.

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