ADQ Signs Deal with Bank Audi Consortium to Acquire 96% of Odeabank in Turkey

Photo : Abu Dhabi Media Office

ADQ, a prominent Abu Dhabi-based investment and holding company, has finalized a definitive agreement with Bank Audi sal (Bank Audi), one of Lebanon's leading banks, to acquire a 96% stake in Odeabank A.Ş. (Odeabank), Bank Audi’s subsidiary in Turkey. This significant transaction also involves other investors, including the International Finance Corporation (IFC), IFC FIG Investment Company Sàrl, and the European Bank for Reconstruction and Development (EBRD), who will sell their respective shares in Odeabank to ADQ.

Established in 2012, Odeabank ranks as Turkey's 13th largest private conventional bank based on total gross loans and customer deposits. With 41 branches operating across 15 cities and a workforce of approximately 1,300 employees as of June 2024, Odeabank has carved a niche in the Turkish banking sector. The bank primarily focuses on commercial lending but is also expanding its retail and wealth management services. Odeabank aims to establish itself as Turkey's leading "phygital" bank, integrating its physical presence with innovative digital banking solutions, notably through its remote branch, Bank’O, which launched in 2019.

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Odeabank’s robust financial profile, balanced loan portfolio, strong brand presence, and scalable hybrid operating model are key elements that position the bank for future growth. These attributes align well with ADQ’s strategic investment goals.

Mansour AlMulla, Deputy Group Chief Executive Officer at ADQ, emphasized the significance of this acquisition: “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 Turkey. 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, stated, “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 Odeabank A.Ş., our Turkish subsidiary.”

In recent years, ADQ has made strides in the Turkish market. In 2022, it launched a $300 million fund in partnership with the Türkiye Wealth Fund, targeting investments in companies that develop or enhance emerging technologies in key sectors. Additionally, ADQ acquired the leading Turkish pharmaceuticals firm, Birgi Mefar Group, which has since been integrated into ADQ’s wholly-owned global life sciences division, Arcera. Last year, ADQ also signed two memoranda of understanding with Turkey aimed at strengthening bilateral relations and supporting the country's economic development.

ADQ’s portfolio spans vital sectors of Abu Dhabi’s diversifying economy, including energy, utilities, food and agriculture, healthcare, life sciences, transport, and logistics. The financial services segment of ADQ also includes the Abu Dhabi Securities Exchange (ADX) and Wio Bank.

The completion of this transaction is subject to customary regulatory approvals, including those from Turkey's Banking Regulation and Supervision Authority and the Competition Authority.

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