Turkey’s Odea Bank, a subsidiary of Lebanon’s Bank Audi Group, has received capital support from various international financial institutions to support growth.

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The International Finance Corporation (IFC), IFC Financial Institutions Growth Fund (FIG Fund)- a private equity fund managed by IFC Asset Management Company, and the European Bank for Reconstruction and Development (EBRD) have now become shareholders of the Turkish challenger bank through participation in a TRY1bn ($342.9m) capital increase.

The IFC and the ERBD will contribute the Turkish lira equivalent of $110m and $90m, respectively. FIG Fund will contribute $38.5m of IFC financing.

The remaining part of the lender’s capital increase will be supported by Bank Audi, and Middle Eastern investors. Bank Audi Group will continue to be a majority shareholder of Odea Bank after the capital increase, holding a stake of over 75%.

The capital increase will allow the bank to expand its financing in Turkey’s real sector, as well as fund large scale infrastructure projects and small and medium-sized enterprises. The bank also intends to invest in technologies to boost its digital banking presence.

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Bank Audi Group CEO and Odea Bank chairman Samir Hanna said: "We welcome the EBRD and IFC, as well as other investors, as our new partners in Odea Bank. We are looking forward to a new phase of growth for Odea Bank in the highly promising Turkish banking market.

"This capital increase represents the largest capital increase in the Turkish banking sector over recent years and is a testimony to Bank Audi’s successful greenfield investment in Turkey. Odea Bank is a key pillar of Bank Audi’s future growth and we continue to be committed to its future development."