Abu Dhabi-based investment and holding company ADQ has entered into a definitive agreement to acquire a 96% stake of Odeabank, the Türkiye-based subsidiary of Lebanon’s Bank Audi.
Financial terms of the transaction were not disclosed.
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This strategic acquisition will see ADQ expanding its footprint in the financial services sector.
Bank Audi, along with other investors including the International Finance Corporation, IFC FIG Investment Company Sàrl, and the European Bank for Reconstruction and Development, have agreed to sell their respective interests in Odeabank to ADQ.
ADQ stated that Odeabank, established in 2012, is currently the 13th largest private conventional bank in Türkiye by total gross loans and customer deposits.
Operating across 15 cities with 41 branches, Odeabank employs approximately 1,300 people as of the end of June 2024.
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By GlobalDataThe bank’s services include commercial lending, with a growing focus on retail and wealth management sectors.
Odeabank aims to become the leading premier “phygital” bank in Türkiye, a strategy that blends physical branch access with cutting-edge digital banking services.
Odeabank’s remote branch, called Bank’O, launched in 2019, exemplifies its approach to banking.
ADQ hopes to capitalise on Odeabank’s strong financial profile, well-regarded brand, and scalable hybrid operating model, setting the stage for future growth in the region.
ADQ deputy group CEO Mansour AlMulla said: “The acquisition of Odeabank reinforces our commitment to investing in assets that lay the foundation for the sustainable development of our portfolio companies as well as the wider economy.
“As part of ADQ, Odeabank will have access to fresh capital, which will allow the company to unlock synergies with our wider portfolio, underpinned by attractive market dynamics in Türkiye. We are confident that this will accelerate the execution of Odeabank’s growth plans, while driving technological innovation in the financial services sector.”
Bank Audi CEO Khalil El Debs said: “This transaction aligns well with Bank Audi Group’s present strategic focus on its home market as well as its presence in Europe. We are pleased to have attracted the interest of a global institution like ADQ in acquiring Odea Bank our Turkish subsidiary.”
The completion of this transaction is contingent upon obtaining the necessary regulatory approvals.
