Bank Audi - equity investment

Location:

Lebanon

Project number:

49644

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Target board date:

27 Feb 2018

Status:

Disbursing

PSD disclosed:

26 Mar 2018

Translated version of this PSD: Arabic

Project Description

An equity investment for approximately 2.51% of Bank Audi SAL's total common shares outstanding.

Project Objectives

EBRD is seeking to support the Lebanese financial markets and act as a catalyst to influence the broader economy in Lebanon, which can play a pivotal role in expanding and strengthening the financial sector. Bank Audi looks to consolidate and reinforce its leadership in Lebanon, as well as its market positioning across its core countries of operations, in particular in Turkey and Egypt.

Transition Impact

The investment will serve to further strengthen the capital of a key regional player.

Client Information

BANK AUDI SAL

Bank Audi SAL is the largest bank in Lebanon, with consolidated assets of USD 43.8 billion at end-December 2017. It is a universal bank operating across the Middle East and Europe. Its shares are listed on the Beirut Stock Exchange. Its Global Depositary Receipts (GDRs) are listed on both the Beirut Stock Exchange and the London Stock Exchange.

Environmental and Social Summary

Categorised FI (ESP 2014). Bank Audi Lebanon will be required to comply with EBRD's Performance Requirements 2, 4 and 9 which includes adherence to the EBRD's E&S Exclusion and Category A project lists. Bank Audi will be required to submit Annual Environmental and Social Reports to the EBRD on the implementation of the bank's Environmental and Social Management System (ESMS) and on compliance with the designated Performance Requirements.

Technical Cooperation

None.

Company Contact Information

Sana Sabra
Sana.Sabra@bankaudi.com.lb
+961 1 977 496
+961 1 990 444
http://www.bankaudigroup.com
P.O. Box 11-2560 Riad El-Solh Beirut 1107 2808 LEBANON
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