Bank Audi Increases Capital

Bank Audi has completed a US$ 300 million capital increase by way of (i) a US$ 240 million rights offering of common shares initially to existing shareholders (including GDR holders) of the Bank and (ii) a US$ 60 million subscription of common shares by International Finance Corporation (“IFC”), a member of the World Bank Group. The subscription price per common share was US$ 6.00, and eligible subscribers were allocated three warrants per common share subscribed entitling to purchase one common share of the bank’s Turkish subsidiary, Odea Bank for each warrant. Fifty million common shares of Bank Audi were issued in the capital increase, as well as 149,528,847 Warrants, representing approximately 10.0% of Odea Bank’s common shares.

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