Germany’s Commerzbank AG Monday said it had agreed to sell private bank Dresdner Bank Monaco SAM to the Lebanese bank Bank Audi sal – Audi Saradar Group for an undisclosed sum.
Dresdner Bank Monaco, a unit of Dresdner Bank Luxembourg SA, focuses on private wealth management and had EUR233 million in assets under management at the end of 2008.
Bank Audi sal is the largest bank in Lebanon in assets and has operations in Switzerland and France in addition to the Middle East.
In another development Egypt’s Investment bank EFG Hermes said Monday it sold its entire stake in Lebanon’s Bank Audi for $913.4 million. WSJ