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ADQ buys 96% of Bank Audi’s Turkish unit

By Pramod Kumar
Founded in 2012, Odeabank is Turkey’s 13th largest private bank by total gross loans and customer deposits Reuters/Dado Ruvic
Founded in 2012, Odeabank is Turkey’s 13th largest private bank by total gross loans and customer deposits

The Abu Dhabi sovereign wealth fund ADQ has signed an agreement to acquire 96 percent of Lebanon-based Bank Audi’s Turkish subsidiary, Odeabank.

The transaction is subject to regulatory approvals, including from Turkey’s banking regulation and supervision authority and the competition authority.

As part of the deal, Bank Audi and other investors such as the International Finance Corporation, IFC FIG Investment Company Sarl, and the European Bank for Reconstruction and Development will sell their stakes in Odeabank to ADQ.

Financial details of the transaction were not disclosed.

Founded in 2012, Odeabank is Turkey’s 13th largest private bank by total gross loans and customer deposits. It operates through 41 branches in 15 cities and employed 1,300 people as of June 2024.

“As part of ADQ, Odeabank will have access to fresh capital, which will allow the bank to unlock synergies with our wider portfolio,” said Mansour AlMulla, deputy group CEO at ADQ.

Khalil El Debs, CEO of Bank Audi, added the transaction aligns with the group’s strategic focus on its core market and its presence in Europe.

In 2022, ADQ launched a $300 million fund in partnership with the Turkey Wealth Fund to support companies in emerging technologies. In the same year, the wealth fund acquired Turkish pharmaceutical company, Birgi Mefar Group, integrating it into ADQ’s global life sciences holding, Arcera.

In 2023, the sovereign wealth fund signed two memoranda of understanding with Ankara to deepen bilateral relations and support the country’s economic development.

In August, a wholly owned subsidiary of Abu Dhabi-listed e&, earlier known as Etisalat, acquired GlassHouse, a Turkey-based cloud solutions provider, for $60 million.

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