This move will accelerate O'Dea Bank's growth and accelerate technology advancements in financial services.
ADQ, an investment holding company based in Abu Dhabione of Lebanon's leading banks, announced the signing of a definitive agreement under which ADQ will acquire 96 percent of the share capital of Odea Bank A.Ş. (Odeabank), a subsidiary of Audi Bank in Turkiye.
Under the agreement, Audi Bank, together with other investors including the International Finance Corporation, IFC FIG Investment Company Searle and the European Bank for Reconstruction and Development (EBRD), will sell their respective shares in Audi Bank to ADQ.
Initiatives for growth
Mansour Al-Mulla, Group Deputy Chief Executive Officer of ADQ, highlighted that the acquisition of Odea Bank underlines the company's commitment to investing in assets that support sustainable growth for its portfolio companies and the broader economy. . He pointed out that joining ADQ will allow Odeabank to access fresh capital and leverage synergies with Turkiye's broader portfolio supported by favorable market conditions. He expressed confidence that this will facilitate the realization of O'Dea Bank's growth objectives while fostering technological advancement within the financial services sector.
Khalil El Debs, CEO of Audi Bank, said the transaction is well aligned with the Audi Bank Group's current strategic focus on its domestic market and presence in Europe. He expressed satisfaction that a global institution like ADQ has shown interest in acquiring Odea Bank A.Ş., a Turkish subsidiary.
Read more: Abu Dhabi’s ADQ launches Q Mobility to improve Abu Dhabi’s transport services
recent investments
In 2022, ADQ partnered with Turkiye Wealth Fund to establish a $300 million fund to invest in companies developing emerging technologies or enhancing existing ones across key sectors. In the same year, ADQ acquired Bilgi Mefal Group, a leading Turkish pharmaceutical company, which was subsequently integrated into Arcela, ADQ's wholly-owned global life sciences holding company.
In 2023, ADQ signed two memoranda of understanding with Turkiye to strengthen bilateral relations and support economic development.
Diverse portfolio
ADQ's diverse portfolio covers key sectors of Abu Dhabi's rapidly developing economy, including energy and utilities, food and agriculture, healthcare and life sciences, and transportation and logistics. The company's financial services cluster also includes Abu Dhabi Securities Exchange (ADX) and Wio Bank.
Additionally, the transaction is subject to standard regulatory approvals, including Turkiye's Banking Regulation and Supervision Authority and the Competition Authority.
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