Banque Audi (Suisse), the a subsidiary of Lebanese-based Bank Audi, reported a 17 per cent fall in net profits to SFr4.5 million ($3.5 milli...

Banque Audi (Suisse), the a subsidiary of Lebanese-based Bank Audi, reported a 17 per cent fall in net profits to SFr4.5 million ($3.5 million) in 2004. Revenues fell 2 per cent to SFr21.3 million. Client assets rose by 7 per cent to SFr2.2 billion. Last year the bank closed its Luxembourg operations as part of a group reorganization and almost all clients transferred their accounts to Banque Audi (Suisse). The bank said the falling dollar last year reduced revenues and profits in 2004 by an estimated SFr4 million to Sfr5 million, because two-thirds of its revenue base is in dollars. Based in Geneva, the bank had 63 employees. In Beirut, the parent bank acquired Banque Saradar in March of this year. As a result of the merger, Mario Saradar recently took over as chairman of Banque Audi (Suisse). He owns 9 per cent of the Audi-Saradar Group.