Corporate Profile

On May 31, 2005, the Council of Ministers of the Syrian Arab Republic approved the license application of Bank Audi and its partners to launch Bank Audi Syria sa.

Early in August 2005, following the Initial Public Offering (IPO) of Bank Audi Syria sa, Syrian shareholders subscribed with the equivalent of SYP 6.177 billion, which represented a coverage of 988%, compared to the targeted amount to be raised (SYP 625 million – 25% of the Bank’s capital), making this the highest oversubscription rate ever achieved by any institution in Syria to date.

The Bank launched operations in September 2005 with a capital of USD 50 million, one of the largest start-up capital ever recorded in the Syrian banking sector, opening 1 branch and a head office in Damascus. Today, Bank Audi Syria sa has a solid network of 22 branches spread across all Syrian governorates and offering a diversified portfolio of commercial and retail products, with more branches planned for the near future.

Over the course of August 2009, the Bank first doubled its capital to USD 100 million, and then raised it again to USD 107 million following the extraordinary general assembly meeting on May 3, 2010.Another step to increase the Bank’s capital has been taken during the Extraordinary General Assembly meeting on April 5, 2011 and the Bank’s capital stands now at USD 121 million.

In recognition of its accomplishments at all levels, Bank Audi Syria sa earned the “Best Emerging Market Bank - Syria” award in 2008 and 2009, under the banner of Global Finance magazine’s “Best Emerging Market Bank in the Middle East” awards.

Bank Audi’s main goals in Syria are to develop a broad reach and expand its retail and commercial business lines with a wide range of offerings, proposing value-added services and products specially designed for the Syrian market. For this reason, Bank Audi Syria sa is keen on attracting companies from the industrial and retail sectors as part of its customer base.

The Bank’s competitive advantages include its international network with offices in Lebanon, Jordan, Egypt, Saudi Arabia, Sudan, Qatar, the United Arab Emirates, France, Switzerland, Gibraltar and Monaco, as well as its advanced technology and innovative management.

To complement its business role, Bank Audi upholds essential corporate values revolving around Quality, Human Capital, Transparency, Innovation, Heritage and Civic Role. The Bank is reputedly committed to supporting philanthropic and development efforts for the benefit of society in all the countries where it is present. In this particular case, as a private financial institution and part of a community, Bank Audi Syria sa is intent on emphasizing its civic responsibility by getting involved in a number of projects and initiatives, notably improving refugees’ conditions through several joint projects with the United Nations Relief and Works Agency (UNRWA), as well as offering full scholarship programs, renovating public squares and launching other initiatives.

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