Bank Audi sal- Audi Saradar Group has announced today that it has been granted permission to establish a deposit bank in Turkey with a starting share capital equivalent to USD 300 million. The permission was granted by the Board of the Banking Regulation and Supervision Agency of Turkey on October 27, 2011 and promulgated in the Turkish official gazette (number 28098) on 28 October 2011.

With a population of 72 million inhabitants, and a GDP of US$ 763 billion, growing on average by 4.1% per annum in real terms, Turkey is an attractive emerging market with a strong potential. Bank Audi’s interest to expand its banking operations there is based on the strong historical ties between Turkey and the Arab World, supported by an increasing yearly trade turnover (reaching US$ 33 billion in 2010), of which an important share is with the countries of presence of Bank Audi, offering enticing opportunities for cross-border transactions between the two geographic areas.

Mr. Raymond Audi, Chairman of the Board of Directors of Bank Audi, joined by Mr. Samir Hanna, Group CEO, declared: “It is the first time that such a license is granted in more than 10 years. The fact that we were privileged is yet another acknowledgment of our good financial standing and of our eligibility. Our new subsidiary will particularly target the Turkish fast growing middle corporate segment, which offers a large potential for financial services. Furthermore, our group, which enjoys a high liquidity level, will also benefit from the high quality financing opportunities that large creditworthy Turkish corporations provide, allowing us to build a captive market share. In parallel, we will explore the possibility to develop retail products, which would build a new value added franchise.”