A $249 billion Abu Dhabi sovereign wealth fund (ADQ) is in talks to buy Turkish lender Odeabank, owned by Lebanon’s Bank Audi, people with knowledge of the matter have told Bloomberg.
Discussions between ADQ and Bank Audi have been ongoing over the past few months, they said.
No final decisions have been made and there’s no certainty that ADQ will ultimately buy the bank, the people said.
Odeabank is the 11th largest lender by assets, which stood at TRY 87.3bn as of end-June, according to data from the Banks’ Association of Turkey. It has 41 branches and around 1,200 employees.
Bank Audi is its largest shareholder in Odeabank with a 76.4% stake.
In 2012, Lebanon’s largest lender Bank Audi secured the final approval from the BDDK to launch operations of its unit Odea Bank, becoming the first bank to get banking licence in Turkey after 12 years.
In 2016, the World Bank's IFC, the IFC Financial Institutions Growth Fund (FIG Fund) and the European Bank for Reconstruction and Development (EBRD) became shareholders of Odeabank after participating in the bank's capital increase.
Currently, the EBRD has a 8% stake in Odeabank while the IFC controls a 6% and the FIG Fund holds a 3%.
Related Articles
Abu Dhabi Islamic Bank allocates AED 17.3bn for sustainable financing by end-2024
Abu Dhabi Islamic Bank (ADIB) has provided AED 17.3bn in financing for sustainable projects by the end of 2024, as part of its goal to allocate AED 60bn towards sustainability initiatives by 2030, ... more
UAE tops global ranking for mobile shopping as 67% of consumers buy via smartphones
The UAE has secured the world’s top position in mobile commerce, according to the 2025 Global Digital Shopping Index released by PYMNTS Intelligence and commissioned by Visa Acceptance Solutions. ... more
UAE's RAKEZ partners with ADIB to ease banking for SMEs and startups
Ras Al Khaimah Economic Zone (RAKEZ) has signed a memorandum of understanding with Abu Dhabi Islamic Bank (ADIB) to simplify bank account opening procedures for its clients, WAM reported. ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
20 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago