Bank Audi sells
Odeabank in Turkey

Buyer is Abu Dhabi’s ADQ

Bank Audi and other investors, which include International Finance Corporation (IFC), IFC FIG Investment Company SARL, and the European Bank for Reconstruction and Development (EBRD), have agreed to sell, for an undisclosed amount, their respective interests in Odeabank, representing 96 percent of the bank's share capital, to Abu Dhabi Developmental Holding Company PJSC (ADQ), an Abu Dhabi state-controlled fund. Odeabank is Bank Audi’s subsidiary in Turkey.

The transaction is subject to customary regulatory approvals, including the approvals of the Banking Regulation and Supervision Authority and the Competition Authority in Turkey.

Established in 2012, Odeabank is Turkey’s 13th largest private conventional bank by total gross loans and customer deposits, operating with 41 branches in 15 cities across the country and employing approximately 1,300 people as at the end of June 2024. Primarily providing commercial lending, Odeabank also has a growing retail and wealth management business. Odeabank has the stated ambition to become Turkey’s leading premier ‘phygital’ bank by seamlessly integrating its physical presence with innovative digital banking services under the umbrella of its remote branch ‘Bank’O’ which opened in 2019.

In addition to an attractive financial profile and a balanced loan book, Odeabank brings a strong brand and a scalable, hybrid operating model, all of which are prerequisites for future growth.

Khalil El Debs, Chief Executive Officer of Bank Audi, 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 A.Ş., our Turkish subsidiary.”

Mansour AlMulla, Deputy Group Chief Executive Officer at ADQ, 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 Turkey. We are confident that this will accelerate the execution of Odeabank’s growth plans, while driving technological innovation in the financial services sector.”

ADQ said in a statement: “Under ADQ’s ownership, Odeabank is expected to benefit from synergies and accelerate the execution of its growth plans. Investment in the bank with its strong commercial base and a scalable hybrid operating model supports ADQ’s commitment to driving innovation in the financial services sector. The sale of Odeabank will aid in the continued development and success of Odeabank and permits Bank Audi to concentrate its efforts on its home market.”

Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.