Bank Audi scraps bid for StanChart’s assets in Lebanon

February 9, 2014 6:33 am

Lebanon’s largest lender in terms of assets and deposits, Bank Audi has withdrawn its bid to acquire Standard Chartered Bank’s retail business in the country, The Daily Star has reported, citing banking sources. “Bank Audi has decided not to take part in the bidding to acquire the retail business of Standard Chartered. The efforts to acquire this bank are now confined between Cedrus Invest Bank and First National Bank,” a banker familiar with the talks told the daily.