According to Bank Audi’s recently released statement, the Lebanese bank agreed to sell its business in terms of electronic payment and card services to M1 Financial Technologies, a subsidiary of M1 Group, for an amount of $185M, subject to adjustment, in addition to a contingent deferred consideration of up to $35M. Noting that Bank Audi will keep on executing all customer-facing functions, the agreement will be finalized once BDL and the relevant service providers, including MasterCard and Visa, consent the deal. As a matter of fact, M1 Financial Technologies purchased all the shares of Areeba s.a.l (the provider of electronic payment and card services) and will continue to operate these services through the latter.
Bank Audi: Financial Highlights ($B)
| Dec-16 | Dec-15 | % change | ||||
| Net Profits ($M) | 470.11 | 403.14 | 16.61% | |||
| Total Assets | 44.4 | 42.2 | 5.19% | |||
| Customers’ Deposits | 35.42 | 35.15 | 0.75% | |||
| Shareholders’ Equity | 3.79 | 3.29 | 15.25% | |||
| Net Loans and Advances to Customers | 17.2 | 17.72 | -2.94% | |||
Source: Bank Audi