Bank Audi (

Arabic Arabic (, ' ; , ' or ) is a Semitic language spoken primarily across the Arab world.Semitic languages: an international handbook / edited by Stefan Weninger; in collaboration with Geoffrey Khan, Michael P. Streck, Janet C. E.Watson; Walter ...

: بنك عودة, previously Bank Audi- Saradar) is a

Lebanon Lebanon ( , ar, لُبْنَان, translit=lubnān, ), officially the Republic of Lebanon () or the Lebanese Republic, is a country in Western Asia. It is located between Syria to the north and east and Israel to the south, while Cyprus lie ...

-based universal bank and

financial services Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...

company headquartered in

Beirut Beirut, french: Beyrouth is the capital and largest city of Lebanon. , Greater Beirut has a population of 2.5 million, which makes it the third-largest city in the Levant region. The city is situated on a peninsula at the midpoint o ...

, offering financial products and services in

personal banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...

business banking A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with corp ...

private banking Private banking is banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals (HNWIs)—defined as those with very high levels of income or sizable assets. A bank that ...

and

Treasury A treasury is either *A government department related to finance and taxation, a finance ministry. *A place or location where treasure, such as currency or precious items are kept. These can be state or royal property, church treasure or i ...

and

Capital Markets A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers ...

segments. Bank Audi has a network of 116 branches and more than 300 ATMs, and worldwide correspondents in 25 cities globally. It operates principally in Lebanon, in the

MENA MENA, an acronym in the English language, refers to a grouping of countries situated in and around the Middle East and North Africa. It is also known as WANA, SWANA, or NAWA, which alternatively refers to the Middle East as Western Asia (or ...

region and in

Turkey Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a transcontinental country located mainly on the Anatolian Peninsula in Western Asia, with a small portion on the Balkan Peninsula ...

. As of September 2021, Bank Audi's private customers’ deposits reached USD 20.8 billion, with shareholders’ equity reaching US$2.7 billion, and consolidated assets totaling US$28.0 billion.

History

Bank Audi was founded in 1830, but was only incorporated as a bank in 1962. Members of the Audi family, as well as Kuwaiti investors, were the first shareholders. Since 1983, the shareholder base has expanded and currently consists of more than 1,500 holders of

Common Shares Common stock is a form of corporate equity ownership, a type of security. The terms voting share and ordinary share are also used frequently outside of the United States. They are known as equity shares or ordinary shares in the UK and other Co ...

and Global Depository Receipts. In 2004, Bank Audi signed a merger agreement with Banque Saradar, entitling Saradar Holding to become one of the largest shareholders of Bank Audi sal-Audi Saradar Group. After six years of managing the Audi Saradar Group Private Banking, both banks de-merged, and Bank Audi continued privately on its own. On 20 February 2019, Bank Audi announced a new deposit agreement by which

The Bank of New York Mellon The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American investment banking services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Finan ...

is named the successor depositary bank for its global depositary receipt programme, replacing Deutsche Bank Trust Company Americas as Depositary. Following the 17 October Revolution , the bank was declared bankrupt.

Operations

Board of directors

* Mr. Raymond W. Audi, Honorary Chairman of the Board * Mr. Samir N. Hanna, chairman of the Board – General Manager and Group Chief Executive Officer * Dr. Marwan M. Ghandour, Vice-chairman of the Board * Mr. Marc J. Audi, Vice-chairman of the Board - General Manager * Sheikha Mariam N. Al Sabbah * Dr. Imad I. Itani * Mr. Abdullah I. Al Hubayb * Dr. Khalil M. Bitar * Mrs. Sherine R. Audi, General Manager and board member of Bank Audi France * Mr. Farid F. Lahoud, Assistant General Manager - Group Corporate Secretary

Banking services

Retail and personal banking

Personal banking at Bank Audi consists of the services and products offered to the individuals.

Commercial and corporate banking

Business Banking at Bank Audi is the set of services offered to businesses and corporations in Lebanon. It includes corporate banking, commercial banking, and SME banking.

Private banking

Bank Audi Private Bank began its operations in 1976 and has been handling it through two main booking centers based in Switzerland and United Arab Emirates.

Major shareholders

FRH Investment Holding sal holds the greatest shares, followed by Audi family, heirs of Sheikha Suad Hamad Al Saleh Al Homaizi, Sheikh Dhiab Bin Zayed Al Nehayan, Al Sabbah family, and others.

Main subsidiaries

Bank Audi sal subsidiaries include Odea Bank – Turkey, Banque Audi – Switzerland, Audi Private Bank sal, Audi Capital – Kingdom of Saudi Arabia, Bank Audi – Qatar, Bank Audi France sa, SOLIFAC and Audi Investments Holding.

Innovative services

In 2011, Bank Audi introduced NOVO spaces in selected locations to allow live video chat with tellers and to provide an advisory room for expert consultancies. Bank Audi introduced Interactive Teller Machines by the

NCR Corporation NCR Corporation, previously known as National Cash Register, is an American software, consulting and technology company providing several professional services and electronic products. It manufactures self-service kiosks, point-of-sale termin ...

in 2014. Their concept revolve around allowing customers to talk live to a personal teller for transfers, deposits, cashing cheques and making different types of payments. In 2014, Bank Audi introduced Tap2Pay, the first

near-field communication Near-field communication (NFC) is a set of communication protocols that enables communication between two electronic devices over a distance of 4 cm (1 in) or less. NFC offers a low-speed connection through a simple setup that can be u ...

mobile payment service in Lebanon and the

Middle East The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabian Peninsula, Arabia (including the Arabian Peninsula and Bahrain), Anatolia, Asia Minor (Asian part of Turkey except Hatay Pro ...

Culture

Audi foundation

Founded in 2000 by Raymond Audi, the Audi Foundation aims at preserving the culture, heritage and craftsmanship of

Sidon Sidon ( ; he, צִידוֹן, ''Ṣīḏōn'') known locally as Sayda or Saida ( ar, صيدا ''Ṣaydā''), is the third-largest city in Lebanon. It is located in the South Governorate, of which it is the capital, on the Mediterranean coast. ...

, Lebanon. In 2018, World Music Day was celebrated by the Audi Foundation with two concerts, and the Swiss World Cup matches were transmitted on the terraces, in an event organized by the Embassy of Switzerland in Lebanon.

Corporate art collection

Bank Audi created a comprehensive corporate art collection, located in three of the bank's buildings. The villa, or historical headquarters situated steps from the

Rue Sursock Rue Sursock is a historic street in the Rmeil district of Beirut in Lebanon. Named after one of Beirut's most prominent families, the Sursock family, the street is home to many of Beirut's beautiful historic mansions that were built in the 18th an ...

in the

Achrafieh Achrafieh ( ar, الأشرفية) is an upper-class area in eastern Beirut, Lebanon. In strictly administrative terms, the name refers to a sector (''secteur'') centred on Sassine Square, the highest point in the city, as well as a broader quarter ...

neighborhood of Beirut shelters mosaics and other pieces from

Antiquity Antiquity or Antiquities may refer to: Historical objects or periods Artifacts *Antiquities, objects or artifacts surviving from ancient cultures Eras Any period before the European Middle Ages (5th to 15th centuries) but still within the histo ...

. The current headquarters, designed by Kevin Dash in

Beirut Central District The Beirut Central District (BCD) or ''Centre Ville'' is the historical and geographical core of Beirut, the capital of Lebanon. Also called downtown Beirut, it has been described the “vibrant financial, commercial, and administrative hu ...

, houses modern and contemporary art from

Europe Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a Continent#Subcontinents, subcontinent of Eurasia ...

(

Raoul Dufy Raoul Dufy (; 3 June 1877 – 23 March 1953) was a French Fauvist painter. He developed a colorful, decorative style that became fashionable for designs of ceramics and textile as well as decorative schemes for public buildings. He is noted ...

Édouard Vuillard Jean-Édouard Vuillard (; 11 November 186821 June 1940) was a French painter, decorative artist and printmaker. From 1891 through 1900, he was a prominent member of the Nabis, making paintings which assembled areas of pure color, and interior sc ...

Bernard Buffet Bernard Buffet (; 10 July 1928 – 4 October 1999) was a French painter, printmaker, and sculptor. He produced a varied and extensive body of work. His style was exclusively figurative. The artist enjoyed worldwide popularity early in his caree ...

, Jacques Villon, Paul Delvaux and Tour Dentelièrea large sculpture by

Jean Dubuffet Jean Philippe Arthur Dubuffet (31 July 1901 – 12 May 1985) was a French painter and sculptor. His idealistic approach to aesthetics embraced so-called "low art" and eschewed traditional standards of beauty in favor of what he believed to be a ...

in the atrium) and

( Shafic Abboud, Hanibal Srouji,

Lamia Joreige Lamia Joreige (born in Beirut, Lebanon) is a Lebanese visual artist and filmmaker. She received a BFA (Painting, Filmmaking) from Rhode Island School of Design, Providence, Rhode Island. Since the late 1990s, her works have been widely displaye ...

Chaouki Chamoun Chaouki Chamoun (born January 19, 1942) is a Lebanese contemporary artist. Biography Chaouki Chamoun was born in Sarine, in the Bekaa Valley. As a school boy he worked as an art instructor to pay for the education of himself and his younger broth ...

, Jean-Marc Nahas, Paul Wakim, Mohammad Rawas, Hussein Madi). The

Geneva Geneva ( ; french: Genève ) frp, Genèva ; german: link=no, Genf ; it, Ginevra ; rm, Genevra is the second-most populous city in Switzerland (after Zürich) and the most populous city of Romandy, the French-speaking part of Switzerland. Situa ...

headquarters has an ensemble of

Old Master In art history, "Old Master" (or "old master")Old Masters De ...

paintings (

Lucas Cranach the Elder Lucas Cranach the Elder (german: Lucas Cranach der Ältere ; – 16 October 1553) was a German Renaissance painter and printmaker in woodcut and engraving. He was court painter to the Electors of Saxony for most of his career, and is kno ...

Pieter Brueghel the Younger Pieter Brueghel (also Bruegel or Breughel) the Younger (, ; ; between 23 May and 10 October 1564 – between March and May 1638) was a Flemish painter, known for numerous copies after his father Pieter Bruegel the Elder's work as well as h ...

Abel Grimmer Abel Grimmer (family name variations: 'Grimer' and 'Grimmaert') (c. 1570–c. 1620) was a Flemish late Renaissance painter, mainly of landscapes and, to a lesser extent, of architectural paintings. His works were important in the development ...

Frans Snyders Frans Snyders or Frans Snijders (11 November 1579, Antwerp – 19 August 1657, Antwerp) was a Flemish painter of animals, hunting scenes, market scenes and still lifes. He was one of the earliest specialist animaliers and he is credited with ...

Jan van Goyen Jan Josephszoon van Goyen (; 13 January 1596 – 27 April 1656) was a Dutch landscape painter. The scope of his landscape subjects was very broad as he painted forest landscapesm marines, river landscapes, beach scenes, winter landscape, cityscap ...

Jacob van Ruisdael Jacob Isaackszoon van Ruisdael (; 1629 – 10 March 1682) was a Dutch painter, draughtsman, and etcher. He is generally considered the pre-eminent landscape painter of the Dutch Golden Age, a period of great wealth and cultural ach ...

Corporate social responsibility

Bank Audi started its

corporate social responsibility Corporate social responsibility (CSR) is a form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in or supporting volunteering or ethicall ...

initiatives in 2012. Its CSR policy currently contributes to five pillars:

corporate governance Corporate governance is defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting, finance, law, or management) often adopt narrow definitions ...

economic development In the economics study of the public sector, economic and social development is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and ...

community development The United Nations defines community development as "a process where community members come together to take collective action and generate solutions to common problems." It is a broad concept, applied to the practices of civic leaders, activists ...

human development Human development may refer to: * Development of the human body * Developmental psychology * Human development (economics) * Human Development Index, an index used to rank countries by level of human development * Human evolution Human evoluti ...

and

environmental protection Environmental protection is the practice of protecting the natural environment by individuals, organizations and governments. Its objectives are to conserve natural resources and the existing natural environment and, where possible, to repair dam ...

. In 2017, Bank Audi worked mainly on highlighting the SME business line as empowerment to the Lebanon's economic infrastructure, launching the “Let’s Talk Money” quiz, enhancing accessibility to ATM's and branches for the physically disabled, taking part in the Lebanon Climate Act – Climate Change Champion, pledging Goal Leader to

SDG 8 Sustainable Development Goal 8 (SDG 8 or Global Goal 8) is about "decent work and economic growth" and is one of the 17 Sustainable Development Goals which were established by the United Nations General Assembly in 2015. The full title is to "F ...

– Decent Work and Economic Growth – at UN GCNL and engaging millennials in the Corporate Volunteer Program through the “Spring” account.

Sponsorship

Bank Audi sponsored the More Than Money program by Injaz Lebanon that aims at educating children in school about earning, spending, tracking, and investing cash. The program was delivered to 400 students in six public schools across Lebanon, and consisted of 12 classes given as part of Global money Week activities that extended from 12 to 18 March 2018. Employees from Bank Audi volunteered to give those classes. Bank Audi also partnered with Beirut Traders Association and collaborated with the MIT Enterprise Forum – Pan Arab Region, to sponsor Grow My Business, which is an entrepreneurship competition that awards three startups for their business idea. The competition was held 6 times, the last of which being in 2017. Bank Audi launched Beyond Banking Hackathon to nurture Lebanon's fintech and banking sectors by creating an environment for participants to test their ideas prior to launching.

References

{{DEFAULTSORT:Bank Audi 1830 establishments in the Ottoman Empire Banks established in 1830 Banks of Lebanon Companies based in Beirut Lebanese brands Companies listed on the Beirut Stock Exchange