Audi eyes Turkish expansion

Bank Audi in talks to obtain license to operate in Turkey, reports say

Media reports from Turkey said that Bank Audi is seeking to expand its operations into Turkey’s banking sector.

The bank is still waiting the approval of Turkey’s Banking Regulation and Supervision Agency (BDDK), the reports said. Audi would be the first Lebanese financial institution to be granted a banking license by the BDDK.

Bank Audi attempted, in July, to acquire Tekstilbank, a financial institution owned by GSD Holding. After the acquisition failed, Audi entered direct negotiations with BDDK for an operating license in the country.

If approved, Bank Audi will be the 49th bank in Turkey’s financial services sector.

Bank Audi is active in 11 countries. As of the first quarter of the year, its assets totaled around $29 billion, while its consolidated net profit was $90 million.

Last year, Bank Audi acquired the Monaco affiliate of Commerzbank.