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The SANAD Fund for MSME (SANAD) signed a loan facility of up to USD 20 million with Bank Audi sal - Audi Saradar Group (Bank Audi) to support the expansion of its lending activities to small and medium enterprises (SME) in Lebanon – a priority growth area for Bank Audi.
SANAD is pleased to partner with Bank Audi as it is one of the most active lenders to the SME market in Lebanon. Through the partnership, the Lebanese SME sector is therefore set to benefit from improved access to finance. In addition, the loan’s long-term tenor is a key element in addressing the need to support medium to longer-term funding for SMEs. SANAD and Bank Audi are also looking for partnerships in other countries in the region.
Wolfgang Reuss, Chairman of SANAD’s Board of Directors, observed: “Our two institutions embody a strong regional perspective, which makes a partnership between SANAD and Bank Audi a natural fit. Bank Audi enjoys a strong market position and ranks among the top 20 Arab banking groups in the Middle East, North Africa and Turkey. SANAD is also exclusively focused on the MENA region, and collaborates with selected partner institutions to channel much needed resources to SMEs. Supporting SMEs is crucial in Lebanon, where a vibrant private sector remains critical to future economic growth and greater employment opportunities.”
Marc Audi, General Manager, Country Manager Lebanon, Bank Audi sal, said: “We would like to thank SANAD for its support and commitment to the Lebanese economy. Such confidence makes us even more determined to maintain our leading role in servicing it. This facility will help create economic opportunities for Lebanese SMEs and the Lebanese economy as a whole.”
About SANAD
Initiated by KfW (the German Development Bank) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union in August 2011, SANAD provides medium and long-term debt, guarantees and equity financing to commercial banks, microfinance institutions, and other financial institutions across the MENA region. The purpose of SANAD is to strengthen the local micro, small and medium enterprise sector and financial markets in line with the principles of responsible finance. Eligible countries are currently Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, the Palestinian Territories, and Tunisia. Activities of the fund are supported by a Technical Assistance Facility providing capacity-building support to partner institution. SANAD is a public-private partnership with target investors comprising of donor agencies, international financial institutions and institutional private investors, and current investors including the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ). SANAD is privately managed by a consortium of Finance in Motion GmbH, Frankfurt/Main, and Oppenheim Asset Management Services S.a r.l., Luxembourg. For more information, please visit www.sanad.lu
About Bank Audi sal - Audi Saradar Group
Bank Audi is a regional group with a universal banking profile. The bank offers universal financial products and services including Corporate, Commercial, Individual, Investment, and Private Banking services. As at end-December 2012, Bank Audi’s consolidated assets reached USD 31.3 billion, principally driven by private customers’ deposits of USD 26.8 billion, with shareholders’ equity reaching USD 2.7 billion. Bank Audi’s group staff headcount exceeds 5,000 employees and its shareholders’ base encompasses more than 2,500 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 regional banking groups. Its shares are listed on the Beirut Stock Exchange. Its GDRs are listed on both the Beirut Stock Exchange and the London Stock Exchange.
For more information, please visit www.bankaudi.com.lb
SANAD is pleased to partner with Bank Audi as it is one of the most active lenders to the SME market in Lebanon. Through the partnership, the Lebanese SME sector is therefore set to benefit from improved access to finance. In addition, the loan’s long-term tenor is a key element in addressing the need to support medium to longer-term funding for SMEs. SANAD and Bank Audi are also looking for partnerships in other countries in the region.
Wolfgang Reuss, Chairman of SANAD’s Board of Directors, observed: “Our two institutions embody a strong regional perspective, which makes a partnership between SANAD and Bank Audi a natural fit. Bank Audi enjoys a strong market position and ranks among the top 20 Arab banking groups in the Middle East, North Africa and Turkey. SANAD is also exclusively focused on the MENA region, and collaborates with selected partner institutions to channel much needed resources to SMEs. Supporting SMEs is crucial in Lebanon, where a vibrant private sector remains critical to future economic growth and greater employment opportunities.”
Marc Audi, General Manager, Country Manager Lebanon, Bank Audi sal, said: “We would like to thank SANAD for its support and commitment to the Lebanese economy. Such confidence makes us even more determined to maintain our leading role in servicing it. This facility will help create economic opportunities for Lebanese SMEs and the Lebanese economy as a whole.”
About SANAD
Initiated by KfW (the German Development Bank) with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union in August 2011, SANAD provides medium and long-term debt, guarantees and equity financing to commercial banks, microfinance institutions, and other financial institutions across the MENA region. The purpose of SANAD is to strengthen the local micro, small and medium enterprise sector and financial markets in line with the principles of responsible finance. Eligible countries are currently Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, the Palestinian Territories, and Tunisia. Activities of the fund are supported by a Technical Assistance Facility providing capacity-building support to partner institution. SANAD is a public-private partnership with target investors comprising of donor agencies, international financial institutions and institutional private investors, and current investors including the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ). SANAD is privately managed by a consortium of Finance in Motion GmbH, Frankfurt/Main, and Oppenheim Asset Management Services S.a r.l., Luxembourg. For more information, please visit www.sanad.lu
About Bank Audi sal - Audi Saradar Group
Bank Audi is a regional group with a universal banking profile. The bank offers universal financial products and services including Corporate, Commercial, Individual, Investment, and Private Banking services. As at end-December 2012, Bank Audi’s consolidated assets reached USD 31.3 billion, principally driven by private customers’ deposits of USD 26.8 billion, with shareholders’ equity reaching USD 2.7 billion. Bank Audi’s group staff headcount exceeds 5,000 employees and its shareholders’ base encompasses more than 2,500 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 regional banking groups. Its shares are listed on the Beirut Stock Exchange. Its GDRs are listed on both the Beirut Stock Exchange and the London Stock Exchange.
For more information, please visit www.bankaudi.com.lb
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