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bankingOctober 18, 2020

Bank Audi to exit London Stock Exchange on low trading volume

Bank Audi said it has applied to delist its Global Depositary Receipts (GDRs) from the London Stock Exchange (LSE) effective Nov. 6, 2020 due to low trading volume.

“The Bank believes that, given the limited liquidity of the GDRs, the costs and administrative burden of maintaining the listing of the GDRs on the Official List [of the UK Financial Conduct Authority] and admission to trading on LSE are disproportionate to the benefits thereof,” Bank Audi said in a statement.

Each GDR represents one of the bank’s common shares.

“The Bank is not terminating its Global Deposit Receipt Program. Accordingly, following the delisting from LSE, all GDRs will remain outstanding,” Bank Audi said.

The bank’s 588.5 million common shares, as well as its GDRs, will continue to be listed and traded on the Beirut Stock Exchange.

Bank Audi is in the process of selling its Jordanian and Iraqi units and is likely to enter talks to sell its Egyptian business.