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ADQ to snap up 96% of Turkey’s Odeabank: Abu Dhabi sovereign wealth fund ADQ inked a definitive agreement with a consortium led by Lebanese lender Bank Audi to acquire 96% of Odeabank, currently Bank Audi’s subsidiary in Turkey, according to a statement. The value of the transaction was not disclosed.
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Who’s selling: The consortium also includes the International Finance Corporation (IFC), IFC FIG Investment Company Sàrl, and the European Bank for Reconstruction and Development.
We knew this was coming: ADQ has reportedly been in talks to acquire Odeabank for months. 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.
ADQ has had its eyes on Turkey: The sovereign investor launched in 2022 a USD 300 mn fund with the Türkiye Wealth Fund to invest in emerging technologies. ADQ also acquired Turkish pharmaceuticals company Birgi Mefar Group in the same year.
Other Emirati players have an appetite for Turkey: First Abu Dhabi Bank (FAB) was reportedly close to finalizing talks to take a 61.2% stake in Yapi Kredi, 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 to acquire a 20% stake in Turkey’s Tom Group of Companies.
