35788 - Bank Audi Equity

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Summary of Investment Information

Project Number

35788

Company Name

BANK AUDI SAL

Date SPI Disclosed

Sep 10, 2014

Country

Lebanon

Region

Middle East

Projected Board Date

Sep 8, 2014

Environmental Category

FI-1 - Significant

Status

Active

Last Updated Date

Nov 12, 2023

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Sep 8, 2014
Signed : Sep 10, 2014
Invested : Sep 11, 2014

Sector

Commercial Banking - General

Project Description

The proposed project consists of US$60 million equity investment in Bank Audi s.a.l, (the “Bank”). IFC’s investment is part of a wider capital increase by the Bank of US$300 million.

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 and funding the Bank’s expansion within and outside Lebanon.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	88.50

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 the Bank 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	12/30/2014	Completed
Other1 ESMS implementation reporting	09/29/2014	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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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.

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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.

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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.

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