Raymond Audi steps down from bank he founded

Bank Audi Group accepted Tuesday the resignation of 84-year-old chairman Raymond Audi after 55 years of service to the bank

Raymond Audi was succeeded by Samir N. Hanna as chairman of board of directors.

Born in 1932 in Sidon, Audi has been director of the Bank Audi since its founding in 1962 and has been its chairperson since 1998. He is also chairman of the bank’s Corporate Governance and Remuneration Committee. Audi founded Bank Audi with his brothers, and father, and oversaw the bank growth to the largest in Lebanon by assets and number of depositors.

The bank has been strategically expanding abroad and announced last spring the opening of up to 10 branches in Turkey, adding to its 50 branches already there, with the expansion effected through its fully owned Turkish subsidiary Odeabank.

Bank Audi has also expanded into Egypt, with both countries representing faster growth opportunities for the bank based on these respective nation's higher GDP growth rate.