People queuing in front of a Bank Audi branch. (Illustrative photo AFP)
In a quiet but significant turnaround, Bank Audi has, in recent days, reached a settlement agreement with the International Finance Corporation (IFC), a subsidiary of the World Bank Group. According to information obtained by L’Orient-Le Jour, the deal provides that the Lebanese bank will pay only about 25 percent of the total amount initially claimed by the IFC.The International Finance Corporation, along with an affiliated fund, filed a lawsuit against Bank Audi before the High Court of Justice in London in August 2024, demanding repayment of two subordinated loans granted in 2014, which were intended to strengthen the bank’s lending capacity to the Lebanese private sector.Inequity and lack of distributable profitsIn its initial defense, Bank Audi accused the IFC of seeking to assert its rights at the expense of Lebanese depositors,...
In a quiet but significant turnaround, Bank Audi has, in recent days, reached a settlement agreement with the International Finance Corporation (IFC), a subsidiary of the World Bank Group. According to information obtained by L’Orient-Le Jour, the deal provides that the Lebanese bank will pay only about 25 percent of the total amount initially claimed by the IFC.The International Finance Corporation, along with an affiliated fund, filed a lawsuit against Bank Audi before the High Court of Justice in London in August 2024, demanding repayment of two subordinated loans granted in 2014, which were intended to strengthen the bank’s lending capacity to the Lebanese private sector.Inequity and lack of distributable profitsIn its initial defense, Bank Audi accused the IFC of seeking to assert its rights at the expense of Lebanese...
