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
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