15.10.2024 15:21
The Abu Dhabi Investment Authority, the state investment fund of the United Arab Emirates, has agreed to purchase a 96% stake in Odeabank.
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Abu Dhabi Developmental Holding Company has reached a definitive agreement with a shareholder consortium led by Bank Audi to acquire a 96% stake in Odeabank.
STATEMENT FROM THE COMPANY TO KAP
The statement from Odeabank is as follows; "In order to apply for the approvals of the Banking Regulation and Supervision Agency and the Competition Authority; Abu Dhabi-based investment and holding company ADQ, established in 2018 as a strategic partner of the Abu Dhabi Government, has reached a definitive agreement with a shareholder consortium led by Bank Audi to acquire a 96% stake in Odeabank.
"NECESSARY NOTIFICATIONS WILL BE MADE BY OUR BANK"
According to the agreement, in addition to Bank Audi's 76.419% share, the European Bank for Reconstruction and Development (EBRD) has agreed to sell its 8.009% stake, the International Finance Corporation (IFC) its 6.362% stake, IFC FIG Investment Company S.a.r.l its 3.426% stake, and Mohammad Hassan Zeidan his 1.780% stake to ADQ. As developments regarding the legal approval processes occur, necessary notifications will be made by our bank."
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