Banque Audi and Banque Libano-Francaise call off merger
Lebanon’s Banque Audi and Banque Libano-Francaise (BLF) have recently called off merger talks. The proposed amalgamation would have created the largest bank in the country with total assets worth eight billion dollars, reported Blominvest.
The two institutions shelved the merger plans after preliminary negotiations revealed a divergence in internal affairs, strategic management and expansionary policies between the two entities in addition to the complexity of merging two of the top five banks of Lebanon.
The Audi Bank Group was incorporated in 1962. The group expanded overseas in the seventies by establishing sister banks in Switzerland, France, Luxembourg and the US.
Banque Audi has the largest on-line real-time branch network in Lebanon with 64 operating branches and 84 operating Automated Teller Machines (ATM). The Bank also offers a free phone banking service. — (menareport.com)
© 2002 Mena Report (www.menareport.com)