{"id":96868,"date":"2024-10-16T00:00:00","date_gmt":"2024-10-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adq-poised-to-acquire-96-stake-in-turkeys-odeabank\/"},"modified":"2024-10-16T00:00:00","modified_gmt":"2024-10-16T00:00:00","slug":"adq-poised-to-acquire-96-stake-in-turkeys-odeabank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/16\/adq-poised-to-acquire-96-stake-in-turkeys-odeabank\/","title":{"rendered":"ADQ poised to acquire 96% stake in Turkey\u2019s Odeabank"},"content":{"rendered":"

ADQ to snap up 96% of Turkey\u2019s Odeabank: <\/strong>Abu Dhabi sovereign wealth fund ADQ inked a definitive agreement with a consortium led by Lebanese lender Bank Audi<\/a> to acquire 96% of Odeabank<\/a>, currently Bank Audi\u2019s subsidiary in Turkey, according to a statement<\/a>. The value of the transaction was not disclosed.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Who\u2019s selling: <\/strong>The consortium also includes the International Finance Corporation (IFC)<\/a>, IFC FIG Investment Company S\u00e0rl, and the European Bank for Reconstruction and Development<\/a>. <\/p>\n

We knew this was coming: <\/strong>ADQ has reportedly been in talks to acquire Odeabank for<\/a>months<\/a>. The Turkish lender, established by current majority shareholder Bank Audi, has USD 2.6 bn worth of assets. Bank Audi holds a 76.4% stake in the bank.<\/p>\n

ADQ has had its eyes on Turkey: <\/strong>The sovereign investor launched in 2022 a USD 300 mn<\/a>fund<\/a> with the T\u00fcrkiye Wealth Fund to invest in emerging technologies. ADQ also acquired Turkish pharmaceuticals company Birgi Mefar Group<\/a> in the same year.<\/p>\n

Other Emirati players have an appetite for Turkey: <\/strong>First Abu Dhabi Bank (FAB) was reportedly close to finalizing talks to take a 61.2% stake in Yapi Kredi<\/a>, but negotiations stalled as seller Koc sought a higher price, blocking FAB from conducting due diligence. Dubai Islamic Bank also announced plans back in September<\/a> to acquire a 20% stake in Turkey\u2019s Tom Group of Companies.<\/p>\n","protected":false},"excerpt":{"rendered":"

ADQ is acquiring the company from a consortium led by Lebanon\u2019s Bank Audi<\/p>\n","protected":false},"author":1,"featured_media":96869,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[72,159,7,60,257],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-adq","tag-banking","tag-enterpriseam-uae","tag-ma-watch","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"4211e2ca-d349-47f5-907d-ce56666803fd","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1225.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADQ poised to acquire 96% stake in Turkey\u2019s Odeabank","related_issue":[96861],"teaser":"ADQ is acquiring the company from a consortium led by Lebanon\u2019s Bank Audi","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.0dfc59bc-b140-4381-9386-7db375d76536.mp3"},"yoast_head":"\nADQ poised to acquire 96% stake in Turkey\u2019s Odeabank - 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