Bank Audi Egypt represents about 15% of the size of Bank Audi Group and targets to increase this percentage to 30% in the coming years due to its special position among the group, according to Mohamed Fayed, deputy chairperson and managing director of Bank Audi Egypt.
Fayed stressed that the bank’s major shareholders believe that Egypt is a promising market and that it is on the right track, despite all the difficulties it faces. Therefore, they are determined to expand in Egypt on a large scale in the coming period.
Fayed noted that these shareholders have not even obtained a single dollar from the bank’s profits over the past years and that they directed them to support the capital base of the bank. These shareholders are also very dedicated to the bank and are willing to provide support at any time as proven when they granted the bank a loan worth $150m before the flotation of the pound to help it overcome the scarcity of foreign exchange currencies.
Bank Audi entered the Egyptian market in March 2006 and succeeded in consolidating its position to become a leading bank in Egypt. The bank developed its direct presence through expanding its branches network, which reached 43 branches compared to 3 at the time of the acquisition.
The bank’s capital rose from $100m to $347m in December 2016.
According to Fayed, the major shareholders in the bank are ready to inject new money to the bank’s capital at any time. But the executive administration of the bank believes that the bank is not in need for such a measure at the current time in order to maintain the level of the return on capital—especially since the Central Bank of Egypt (CBE) has allowed banks to support its capital base through the profit achieved on a quarterly basis rather than the annual basis as before.
The formation of the board of directors of Bank Audi Egypt currently includes Fayed; Mohamed Bedeir, the deputy managing director; and board members Raymond Audi, Samir Hanna, Freddie Baz, Marwan Ghandour, Emad Eitany, Maurice Sayed, and Mohamed Taymour.
According to Fayed, Bank Audi is looking forward to solidify its position among the leading banking institutions in the Egyptian market, through building an extended and strong relationship with customers, and taking advantage of the efficiency and expertise of its team members. In addition to using modern technologies in the banking and financial services field, in an attempt to keep up with the requirements of the present time and overcome future challenges.
Bank Audi, established in 1830, is one of the oldest banking institutions in the Lebanese market.
The bank offers a full package of banking services in Lebanon, Egypt, Turkey, and a number of Middle Eastern, North African, and European countries. It also provides services to more than 1.3 million customers, including corporations, trade finance services, and banking services to individuals, as well as private banking services.
Fayed added that the expansion strategy adopted by Bank Audi is based on three key markets: Lebanon, Egypt, and Turkey.
The bank’s assets registered $44.4bn by the end of 2016, and the shareholders’ equity recorded $3.8bn, while net profit recorded $470m.
By Hossam Mounir
© 2020 Daily News Egypt.