Odea Bank equity

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 48128

Status Complete

Location

Türkiye

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 48128

Status Complete

Location

Türkiye

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

25 May 2016

Disclosure date

14 Dec 2016

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Translated version of this PSD: Turkish

Project Description

An equity investment in Odea Bank of Turkey through participation in TL 1 billion (Turkish lira) capital increase of the bank alongside IFC and a number of private Middle Eastern investors.

Project Objectives

Contribution to the capital increase that will provide Odea Bank with additional financial flexibility and will allow it to expand its financing in the real sector in Turkey, fund large scale infrastructure projects, increase access to finance for small and medium-sized enterprises (SMEs), and invest in new technologies to strengthen its digital banking network to reach one million unbanked people in Turkey.

Transition Impact

The investment will strengthen Odea's capital base and support expansion of operating through the provision of stable long-term funding in the form of equity.

Client Information

ODEA BANK AS

Odea Bank started its operations in Turkey in late 2012 as a subsidiary of Bank Audi Group, the largest Lebanese lender and one of the leading international financial institutions with a presence in both the MENA region and Europe. Within only three and a half years of operations, Odea Bank has established itself as one of the key players in the attractive Turkish banking sector reaching eighth position by customer deposits and ninth position by loans as of March 2016, excluding stateowned banks and based on BRSA unconsolidated financial statements of Turkish banks. Odea Bank operates 56 branches in 16 cities and employs over 1,500 staff as of June 2016.

EBRD Finance Summary

TRY 263,394,000.00

Total Project Cost

TRY 963,394,000.00

Environmental and Social Summary

Categorised FI. Odeabank will be required to comply with EBRD's PRs 2, 4 and 9 and submit Annual Environmental and Social Reports to EBRD

Technical Cooperation

None.

Company Contact Information

Estel Gürdogan

Estel.Gurdogan@odeabank.com.tr
90 212 304 85 20
90 212 304 84 45
https://www.odeabank.com.tr
Odeabank A.S. Maslak Mahallesi Ahi Evran Caddesi No. 11 Olive Plaza Kat 6-7-8-9 34398 #i#li
Istanbul

Transition impact

ETI Score:60

PSD last updated

21 Nov 2019

Business opportunities

For business opportunities or procurement, contact the client company.

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Email: procurement@ebrd.com

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Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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