CAIRO: Bank Audi's total assets in the Egyptian market reached LE 14.1 billion by the end of June 2010, Chairman and Managing Director Hatem Sadek said at a conference Sunday. The Lebanon-based bank recorded “high growth rates in total assets,” up from LE 5.7 billion at the end of 2006, he added at a press conference to launch the Bank Audi Titanium MasterCard. Total customer deposits jumped to 12.3 billion in 2010 from LE 4.9 billion in 2006, while loans to customers increased to LE 6.5 billion in 2010 from LE 1 billion in 2006, Sadek added. Bank Audi S.A.E. and MasterCard Worldwide teamed up to introduce the new credit card, which they said has multiple value-added benefits and services. Sadek took the opportunity at the conference to talk about the bank's plans for the Egyptian market. “The bank's accomplishments in the Egyptian market have exceeded its objectives and we will focus on acquiring an influential presence in the market,” said Sadek, citing the launch of the new credit card and Audi's Sardur Group's recent acquisition of Arabeya Online as examples. The group's acquisition of Arabeya Online, he said, “strengthens [its] direction and will add value to Bank Audi in Egypt.” Bank Audi recently acquired 90 percent of online brokerage Arabeya Online from the firm's chairman and majority owner Naeem Holding. Naeem had held 80 percent of the Cairo-based firm, Egypt's ninth biggest by transaction value, and chairman Hisham Tawfik held the remaining 20 percent, according to Reuters. Bank Audi penetrated the Egyptian market in March 2006 by acquiring Far East Bank, a small Egyptian with a network of three branches. A total of $100 million in capital was raised for the bank in 2006 and was doubled in 2007. Growing from three branches to the current 30 has required that the bank to increase its employees, from 40 at the start to around 750 now. Talking about the new credit card, Sadek said that the launch marks the introduction of what the bank says is an innovative payment mode and an addition to competitive financial services offered to cardholders. The card is an addition to Bank Audi's existing gold and silver credit cards which were launched in April 2007. “The launch of the Bank Audi Titanium MasterCard credit card marks a significant milestone for Bank Audi in Egypt,” said Hossam Abdelwahab, head of retail banking at Bank Audi. “ …The Titanium MasterCard credit card answers our need to introduce an innovative and customized payment that is targeted to the affluent customers.” Magdy Hassan, vice president and country manager of MasterCard Egypt, said the credit card is an example of how MasterCard works with customer banks to develop targeted payment solutions that cater to the needs of specific consumer groups. Some of the cards advantages include discounts when traveling with up to 50 percent discount on accommodation in more than 20,000 hotels around the world and discounts up to 30 percent on car rentals. The card also includes access to VIP lounges in more than 600 airport locations across the world, regardless of the travel class as well a baggage protection and assistance to return lost/stolen luggage to the cardholder. Items purchased by cardholders with the card are covered if they are damaged or stolen within 90 days of the date of purchase coverage up to $3,000 of purchases. It also includes insurance against accidents and medical emergencies. Bank officials said they plan to launch similar products in the future.
