On October 27, 2011, the BRSA announced with its decision (published in the Official Gazette dated October 28, 2011 and numbered 28098) that it had granted permission for the establishment of a new deposit taking bank with a minimum capital of TL equivalent of $300 million to the Audi s.a.l – Audi Saradar Group based in Lebanon. The BRSA’s permission for the establishment of a new bank is the first since the current Banking Law entered into force at the end of 2005. The permission for deposit taking is also the first since 2004.