Abu Dhabi’s ADQ has signed a definitive agreement to acquire 96% of Odeabank, a Turkish subsidiary of Lebanon’s Bank Audi, as announced on October 15, 2024. The deal includes shares from Bank Audi and other investors such as the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), pending regulatory approvals from institutions such as Türkiye’s Banking Regulation and Supervision Authority and Competition Authority.
Odeabank at a Glance
| Feature | Details |
| Name | Odeabank |
| Established | 2012 |
| Ranking | 13th largest private conventional bank in Türkiye by total gross loans and customer deposits |
| Branches | 41 |
| Cities | 15 |
| Employees | Approximately 1,300 (as of June 2024) |
| Primary Services | Commercial lending, growing retail, and wealth management business |
| Ambition | To become Türkiye’s leading “phygital” bank by integrating physical and digital banking services |
| Remote Branch Initiative | Bank’O, launched in 2019 |
| Profile | Strong financial profile, strong brand, balanced loan book, scalable hybrid operating model |
Implications for All Parties Involved
Strategic Initiatives in Türkiye
This acquisition significantly strengthens economic ties between the UAE and Türkiye. Recent efforts include investments in Turkish companies, launching joint funds, and signing agreements to promote cooperation and mutual growth.
Quotes from Leadership
Mansour AlMulla, Deputy Group CEO at ADQ, stated:
“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.”
Khalil El Debs, CEO of Bank Audi, remarked:
“This transaction aligns well with Bank Audi Group’s present strategic focus on its home market as well as its presence in Europe.”
Disclaimer:
This article is a research document that is owned and published by BLOMINVEST BANK SAL.
No material from this publication may be modified, copied, reproduced, repackaged, republished, circulated, transmitted or redistributed directly or indirectly, in whole or in any part, without the prior written authorization of BLOMINVEST BANK SAL.
The information and opinions contained in this document have been compiled from or arrived at in good faith from sources deemed reliable. Neither BLOMINVEST BANK SAL, nor any of its subsidiaries or affiliates or parent company will make any representation or warranty to the accuracy or completeness of the information contained herein.
Neither the information nor any opinion expressed in this research article constitutes an offer or a recommendation to buy or sell any assets or securities, or to provide investment advice.
This research article is prepared for general circulation and is circulated for general information only.