Odea Bank Completed its Capital Increase

According to Odea Bank’s official statement, released by the Beirut Stock Exchange, Odea Bank announced the successful completion of a TL 1.0 billion ($340M) capital increase, after obtaining necessary corporate and regulatory approvals, including that of the Banking Regulation and Supervision Agency (BRSA).

The International Finance Corporation (IFC), a subsidiary of IFC Financial Institutions Growth Fund (FIG Fund) and the European Bank for Reconstruction and Development (EBRD) participated in the capital increase, along with other private investors, the official statement said.

Bank Audi Group remains a majority shareholder of Odea Bank following the capital increase, with a stake of more than 75 per cent.

According to the official press release, “The transaction demonstrates strong investor confidence in Odea Bank, as well as the resilience of the Turkish economy. Odea Bank is expected to use the proceeds from the equity investment to expand its financing in the real sector in Turkey, fund large scale infrastructure projects, increase access to finance for medium and small sized companies, and to make investments in its branch network, digital banking channels and technology. “

Odea Bank’s Financial Results

U.S Dollar ($M)Jun-16Dec-15%change
Net Profits20.516.93*195.84%
Total deposits8,2508,813-4.21%
Loans & Receivables7,4357,4140.27%
Total Equity793.04458.0373.14%

* Value of June 2015

Source: BSE News

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