Bank Audi Names New CEO in Switzerland

Beirut, 23 Feb 2012
Bank Audi sal - Audi Saradar Group announced today the appointment of Mr. Philippe Sednaoui as the Chief Executive Officer of its fully-owned private banking subsidiary in Switzerland, Banque Audi (Suisse) sa.

Based in Geneva, Philippe Sednaoui will also head up the restructuring effort of the Group’s Private Banking and Wealth Management business line.

Following a global strategic review of the Group, Bank Audi sal - Audi Saradar Group has identified the Private Banking and Wealth Management business as a key growth opportunity, leveraging its regional footprint, its strong brand and global presence. The Group’s intention is to build on its long standing franchise in Switzerland where it has been operating for 35 years and make it the center of excellence of its Private Banking and Wealth Management activities. Within this context, the Group intends to commit significant resources to this initiative. Mr. Sednaoui was the CEO of Barclays Bank (Suisse) S.A. and has previously worked for global financial institutions such as Bankers Trust Company, Credit Agricole and Citicorp, in three different continents.

Mr. Samir Hanna, Group CEO, declared: “I strongly believe that the new CEO of Banque Audi (Suisse), Philippe Sednaoui, with his leadership skills and wide expertise in the Private Banking and Wealth Management business, will successfully carry forward the operation of Banque Audi (Suisse) while developing further the Group’s Private banking and Wealth Management business line in an aim to better serve our customers.”

About Bank Audi sal - Audi Saradar Group

Bank Audi is a full fledged regional bank with presence in 10 different countries. It offers universal banking products and services including Corporate, Commercial, Individual, Investment, and Private Banking services. As at end-December 2011, Bank Audi’s consolidated assets reached US$ 28.7 billion, principally driven by private customers’ deposits of US$ 24.8 billion, with shareholders’ equity reaching US$ 2.4 billion. Bank Audi’s group staff headcount exceeds 5,050 employees and its shareholders base encompasses more than 1,500 holders of common shares and/or holders of global depositary receipts (GDRs) representing common shares. Bank Audi ranks first among Lebanese banks and is positioned in the inner circle of top Arab banking groups in the Middle East and North Africa region. Its shares are listed on the Beirut Stock Exchange. Its GDRs are listed on both the Beirut Stock Exchange and the London Stock Exchange.

About Banque Audi (Suisse) sa

Established in Switzerland in 1976 as a Swiss incorporated bank whose head office is in Geneva, Banque Audi (Suisse) sa is dedicated to Wealth Management and Administration in the form of investment management, investment advisory services, placing deposits on a fiduciary basis and extending secured lending for private customers. The Bank has a branch in Gibraltar and a representative office in Lebanon.

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