CAIRO: Lebanese Bank Audi announced Thursday its official launch in Egypt with $100 million capital and $1 billion total assets.
In a press conference that took place at the Four Seasons Nile Plaza Hotel in Cairo, both Hatem Sadek, chairman and managing director of the bank, and Gaby Kassis, vice chairman, refused to address journalists questions regarding exclusive services the bank wishes to establish.
Our services will be talked about according to a strategy not known, said Kassis who when was repeatedly asked about what is special in Audi bank.
He answered, the sense of humor of its vice chairman.
Kassis indicated that the Bank already has 19 branches in progress, and aims to have 24 branches by the end of July 2007, and 40 by the end of the year.
The branches will be all over Egypt, including El Gouna and Hurghada which will be among the first 19 branches to open. Branches will also open in Mansoura, Monufia, Damanhour, Damietta and new Cairo.
In Cairo the first branches will open in Lebanon square in Mohandiseen, Mokatem, Makram Ebeid in Nasr City, near El Shams Club and in Beirut Street in Heliopolis
Sadek emphasized the importance of customer service and believes it to be one of the top reasons for the success of any bank.
Audi Bank, as indicated by Kassis, is among the top five best banks in Lebanon, and its branches in Syria and Jordan are also recognized. That is what gave us the faith to invade the Egyptian market, Kassis said.
Although Audi Bank is not considered a big bank, Sadek stated that there are two ways for a banker to become established: either by starting with a small entity with small problems or by buying a big bank and with it buy its big problems.
We decided to take option number one as we believe in it more, Sadek added.
Sadek said the growth of the private sector in Egypt meant there would be demand for financing.
Egyptian brokerage EFG-Hermes owns a 23 percent stake in Bank Audi. The Lebanese bank has a presence in France, Switzerland, Syria, Jordan, Sudan, Saudi Arabia, Qatar and Abu Dhabi.
