VOL. XLVII

No 14

05-April-2004

REGIONAL BANKING

Banque Audi Buys Saradar For $159Mn

Lebanons second largest bank, Banque Audi, has bought Banque Saradar for $159mn in the largest merger deal between two Lebanese banks. At the end of 2003 Saradar ranked in 11th place in terms of assets and deposits, eighth in loans, and ninth in profitability. In the agreement, announced on 29 March, Banque Audi is buying all of the shares of Banque Saradar for $100mn in cash and issuing new shares to Banque...