33558 - Bank Audi

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Summary of Investment Information

Project Number

33558

Company Name

Company Name Pending

Date SPI Disclosed

Mar 10, 2014

Country

Country Name Pending

Region

Middle East

Projected Board Date

Jan 9, 2014

Environmental Category

FI-1 - Significant

Status

Completed

Last Updated Date

Feb 25, 2026

Department

Department Name Pending

Industry

Financial Markets

Previous Events

Approved : Feb 6, 2014
Signed : Mar 7, 2014
Invested : Mar 27, 2014

Sector

Sector Name Pending

Project Description

The proposed project comprises US$150 million Tier 2 subordinated debt to Bank Audi sal (“Bank”). The Bank is the largest bank in Lebanon with presence in 13 countries offering a full range of products and services that cover commercial and corporate banking, retail and individual banking, on-line brokerage, private banking and investment banking.

The proposed project is aimed at strengthening the Bank’s capital base for future growth, and supporting its regional expansion.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	37.50
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Quasi-Equity	Loans to SME Borrowers
Quasi-Equity	Loans to SME Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

IFC Role & Additionality: a) use its global track record in successfully developing the regional banking model both in MENA and other regions to help Bank Audi evolve into a leading regional and cross regional financial services provider; b) provide critical risk capital support for the planned expansion; and c) market comfort in times when foreign investors are looking to exit from MENA.

E&S Category Rationale / Risks and Mitigation

575B17145515470BA4B10D5E9E2A12C7 .par_4B89DB8F29853FE185257BAF003455E3_11 { font-family:sans-serif; color:black; font-size:10pt; font-weight:normal; text-decoration:none; } This project is classified as Category FI-1 project according to IFC's Environmental and Social Review Procedure as it is an equity investment to Bank Audi with significant exposure to project finance and long-term corporate loans and substantial exposure to business activities with potential significant adverse environmental and social risks including mining, large construction projects, and oil and gas. For this project the client will be required to screen loans against the IFC Exclusion List, host country Environmental and Social laws and regulations and IFC Performance Standards

?In addition to its historic presence in Lebanon, Switzerland and France, the Group is currently present in Jordan, Egypt, Syria, Saudi Arabia, Qatar, Abu Dhabi (through a representative office), Sudan, and Turkey. Bank Audi has in place a Corporate Social Responsibility (CSR) policy, a CSR unit supported by a CSR steering committee and producing an annual CSR report published on the Bank's website. The bank is in the process of reviewing the ESMS policies and procedures and training of the bank staff on the group and subsidiaries level on its implementation. The Bank has assigned designated staff members at group level and for the subsidiaries responsible for environmental and social issues. The main E&S issues of this investment relate to Bank Audi's capacity to manage environmental and social risks associated with its investments in line with the applicable requirements. The bank's HR practices are in conformity with IFC's PS2 on Labor and Working conditions.

Task Title & Description	Actual Due Date	Status	Comments	Completion Date
Staff Training	12/31/2014	Completed
Other1 ESMS implementation reporting	09/30/2014	Completed

Contacts

For Inquiries About the Project, Contact

Ms. Sana M. Sabra
Investor Relations
Telephone: (+961-1) 977 496
Fax: (+961-1) 999 399
E-mail: mailto:sana.sabra@banqueaudi.com
Bank Audi sal
Bank Audi Plaza, Omar Daouk Street
Beirut Lebanon

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Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
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Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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