Bank Audi raises capital to $305 million

Bank Audi has decided to acquire Fonciere Dora sal from its current owner, LIA Insurance, for a total of $3 million. The deal is pending the approval of the Central Bank, Bank Audi said.

The extraordinary general assembly of shareholders of Bank Audi s.a.l. - Audi Saradar Group approved the acquisition during its meeting on June 22. The bank has recently finalized the sale of 81 percent of its insurance arm, LIA Insurance, to Moroccan group, Saham Finances.

The shareholders’ assembly also approved raising the bank’s capital to $305 million through the issuance of 309,260 common shares, in addition to the recently issued 1.5 million ‘Series F’ preferred shared which had raised the capital to $304.8 million from $303.6 million.