“It is an opportunity to play a role in the development and growth of the banking industry in Syria. I am confident that Bank Audi Syria will be a full partner to the Syrian private sector and a major participant in the economy.”

“The IPO results are a wonderful vote of confidence in Bank Audi and a testament to the potential of the Syrian private sector.”

Raymond W. Audi
Chairman General Manager
Bank Audi sal - Audi Saradar Group

“The IPO is by far the largest oversubscription in Syria to date – both in terms of amount and percentage… It is now our responsibility to deliver modern banking products and services in line with the market’s expectations. We are honored by the trust of our shareholders and look forward to a lasting partnership with the Syrian private sector.”

Bassel S. Hamwi
General Manager
Bank Audi Syria sa - Audi Saradar Group

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

Early August 2005 and following the Initial Public Offering (IPO) of Bank Audi Syria sa., Syrian shareholders subscribed to the equivalent of SYP 6.177 billion, which represented a coverage of 988%, while the targeted amount to be raised was SYP 625 million (25% of the Bank’s capital).
On August 20th, 2005, the Constituent General Assembly of Bank Audi Syria was held in the presence of about 78% of the Bank’s shareholders*, ratifying among other topics the Technical Assistance Agreement between Bank Audi – Audi Saradar Group and Bank Audi Syria, the establishment of the Bank as a Syrian joint stock company, and the election of the Board of Directors.

This led to the establishment of Bank Audi Syria, the largest start-up capital in the Syrian banking sector, with a capital of SYP 2.5 billion.

          • Bank Audi Syria Management

While the Syrian banking sector faces a number of challenges, the current liberalization policies are on the right track and the positive experiences of the private banks that were first to enter the market, like Bank Audi, will demonstrate Syria’s growth potential.

Bank Audi Syria expects to earn a strong share of the market since many of its potential clients in Syria already use the services of Bank Audi in Lebanon.

Aiming at offering its clients “value-added” services, Bank Audi Syria is especially interested in attracting companies in the industrial and retail sectors.
The Bank’s competitive advantages include its international network with offices in Beirut, Amman, Paris and Switzerland, as well as its advanced technology and innovative management.

In addition to products especially designed for the Syrian market, the Bank’s commitments in Syria, as in all its markets, will be to support philanthropic efforts to benefit the local community.

As for Bank Audi’s main goals in its first year of operations in Syria, it is to develop a broad reach and expand its retail & commercial services, offering a wide range of products and services, within the following categories:

• Banking Accounts: particularly current and savings accounts, term deposits, transfer accounts and discount bills.


• Various commercial loans and facilities: including medium and long term project financing, documentary credits and guarantees.


• Personal Loans: Short term financing plans;


• Car Loans: addressed to employees in the private and public sectors, as well as craft industry owners.


• SME Small & Medium Enterprises Loan: addressed to craft industry owners and free professionals, as well as to small and medium enterprises.


• Electronic banking services: namely the Net Account, as well as a diversified range of local and international debit and credit cards (Visa), besides the embark prepaid card, the first of its kind in Syria , for purchasing via internet or telephone , and the Audi On-Line service which gives clients access to their accounts via the Internet.


• Domiciliation Services: with direct transfers of salaries and cheques, and settlement of various bills.
• PC loan which gives clients access to the latest Toshiba technologies in the PC field, through affordable and flexible installments.
• LCD loans which offer clients the possibility to buy Sony or Samsung top-of-the-range LCD screens, via monthly installments over a period of 2 years.


• Bancassurance: Bank Audi Syria and the Syrian Arab Insurance launched the first 3 banking insurance products in the Syrian market:
  1- Aman Al-Hayat: Life Insurance Program
  2- Aman Al-Darb: Life & Personal Accidents Insurance
  3- Aman Al-Dirasah: Schooling Insurance.


• Deposit Plus: an investment basket in both US$ or Euros, where client can guarantee high return, over a period of 6 to 12 months. Also it guarantees the same return to clients, whether they deposit the funds through banknotes or transfers.


• Housing Loan: the first housing loan with 2 financing solutions in the Syrian market and the advantage of the product consists in the flexibility and the choices granted to the customer.


• Solar Panel Loan: The first environment friendly product in the Syrian market

Bank Audi Syria’s headquarters and main branch are located in the center of Damascus. Its network of branches reaches today major governorates and cities with a total of 17 branches.

Along with its main business role, as a private financial institution Bank Audi Syria has 6 different values: Innovation, Human Capital, Transparency , Heritage , Quality , and Civic Role.

According to its Civic Role, 4 major projects linked to Bank Audi's Culture and its corporate social responsibility had been launched during 2007 & 2008 in different fields as follows: .

Youssef Azmeh Square Renovation: May 2007

Bank Audi Syria renovated the premises around its main branch and head quarters in Damascus city. At Youssef Azmeh Square in central Damascus

This square is famous for its statue of the national hero who fought for the freedom of Syria in the early 19th century.

Following Bank Audi's leading example and initiative, local authorities engaged in restoration work and renovated all streets leading to the square's premises.

Scholarship program: June 2007

Since Audi Bank's culture concentrates on participating in the spread of education, the scholarship program " ننمي طموحات شبابنا " had been launched for the academic year 2007/2008.

The Scholarships were granted to 7 students, covering tuitions, books, courses, lodging, and transportation, besides the monthly allowance granted to each student until graduation.

Building Hope Project : October 2007.

During the Holy month of Ramadan, 2007, BASY launched a program named “Building a Hope” in collaboration with UNRWA.

Bank Audi Syria contributed with US $ 25,000 to renovate and repair the houses of 10 Palestinian refugees’ families in Al- Husseineh Camp in Damascus, who are living below the line of poverty in unsanitary conditions.

Financing a Sewing Production Center for Widowed & Orphans October 2008

A production center had been established in Husseinieh in February 2008, to provide refugee women with new skills which empower and enable them to generate additional income for their families. The unit works under the UNRWA relief and social services program and includes widows, females’ heads of households, divorced women, and women with disabilities.

An amount of 1,000,000 SP, One Million Syrian Pounds was granted from BASY to the women’s textile production unit in Husseineh, to finance the expansion of the unit and purchase of necessary equipment.

* Bank Audi sal contributes to Bank Audi Syria’s capital with 41%, Audi Saradar Investment Bank sal with 3%, and Lebanon Invest with 3%, totaling 47% for Audi Saradar Group.
Non-Syrian shareholders include Sheikh Abdallah Abdel Aziz Al Rajhi with 2%, a well-known businessman in the Kingdom of Saudi Arabia, Board Member in Al Rajhi Banking and Investment Corporation, one of the largest Islamic banking institutions in the Arab world. Other Syrian Founders hold 26% of the shares and are reputable businessmen residing in Syria and abroad.
The remaining 25% were subscribed in the form of an initial public offering to the Syrian general public, opened on July 24, 2005, for a period of 10 days.