Odea Bank equity

Location:

Turkey

Project number:

48128

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Target board date:

25 May 2016

Status:

Disbursing

PSD disclosed:

14 Dec 2016

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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