ADQ, Abu Dhabi’s investment and holding company, has signed a definitive agreement to acquire 96% of the share capital of Odea Bank A.Ş. (Odeabank), the Turkish subsidiary of Bank Audi, one of Lebanon’s major banks. The deal includes shares held by Bank Audi, the International Finance Corporation (IFC), IFC FIG Investment Company Sarl, and the European Bank for Reconstruction and Development (EBRD).
Mansour AlMulla, Deputy Group CEO at ADQ, said, “The acquisition of Odeabank aligns with ADQ’s strategy of investing in assets that support long-term sustainable growth. Odeabank will benefit from access to new capital and synergies across our portfolio, driven by Türkiye’s favourable market dynamics.”
Khalil El Debs, CEO of Bank Audi, noted, “This transaction fits Bank Audi’s strategic focus on its core markets and its European presence. We are pleased that ADQ, a global institution, is acquiring Odeabank, our Turkish subsidiary.”
This acquisition builds on ADQ’s recent investments in Türkiye, including the launch of a $300 million fund with Türkiye Wealth Fund in 2022 and the acquisition of Turkish pharmaceuticals company Birgi Mefar Group. The deal remains subject to regulatory approvals from the Banking Regulation and Supervision Authority and the Competition Authority in Türkiye.
