The Daily Star - Bank Audi Saradar Group announced on Friday that it has been granted permission to establish a deposit bank in Turkey with a starting share of capital equivalent to USD 300 million.
Permission was granted to Bank Audi by the Board of the Banking Regulation and Supervision Agency of Turkey (BDDK) on Thursday. “With a population of 72 million inhabitants, and a GDP of USD 763 billion, growing on average by 4.1 percent per annum in real terms, Turkey is an attractive emerging market with strong potential,” said a statement by the bank.
“Bank Audi’s interest in expanding its banking operations there is based on the strong historical ties between Turkey and the Arab world, supported by an increasing yearly trade turnover (reaching USD 33 billion in 2010), a large proportion of which is with the countries where Bank Audi operates, offering many opportunities for cross-border transactions between the two geographic areas,” it added.
Raymond Audi, Chairman of the Board of Directors of Bank Audi, flanked by Samir Hanna, group CEO, said it was the first time that such a license had been granted in more than ten years.
“The fact that we were privileged is yet another acknowledgment of our good financial standing and of our eligibility,” he said. “Our new subsidiary will particularly target the Turkish fast growing middle corporate segment.”
Bank Audi already operates in more than ten countries, including Egypt, Syria, and Jordan.