Abu Dhabi-based ADQ has agreed with Bank Audi to acquire 96% of Odeabank, Bank Audi’s arm in Turkey.

In addition, Bank Audi and other investors, which include International Finance Corporation, IFC FIG Investment Company Sàrl, and the European Bank for Reconstruction and Development (EBRD), have agreed to sell their respective interests in the share capital of Odeabank to ADQ.

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Odeabank has a strong brand and a scalable, hybrid operating model, which are positive signs for growth. It was established in 2012 and is Turkey’s 13th largest private conventional bank.

Furthermore, it holds 41 branches across 15 cities with around 1,300 employees at the end of June 2024.

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 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, Chief Executive Officer of Bank Audi, added: “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.”

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In 2022, ADQ launched a $300m fund together with Türkiye Wealth Fund, which invests in companies developing emerging technologies or improving existing technologies in key sectors.