28.03.2025 11:22
The Competition Authority announced that it has approved the transfer process of Odea Bank. As the process regarding the bank's transfer progresses rapidly, this decision has emerged as a last-minute development in the sector. In a statement from the Authority, it was said, "The transaction allowing the sole control of Odea Bank AŞ to be acquired by Abu Dhabi Developmental Holding Company P.J.S.C. through ADQ Financial Services LLC has been approved."
The Competition Authority has granted permission for the sole control of Odea Bank AŞ to be acquired by Abu Dhabi Developmental Holding.
The Competition Authority has allowed the acquisition of the sole control of Odea Bank AŞ by Abu Dhabi Developmental Holding Company P.J.S.C. through ADQ Financial Services LLC.
THE SALE AGREEMENT WAS SIGNED LAST YEAR
According to a statement made by ADQ and Bank Audi on October 15, 2024, an agreement was signed for ADQ to acquire 96% of the capital of Odea Bank AŞ ("Odeabank"), a subsidiary of Bank Audi in Turkey, one of Lebanon's leading banks.
The International Finance Corporation (IFC) and other investors, such as IFC FIG Investment Company S.a.r.l and the European Bank for Reconstruction and Development (EBRD), have also agreed to sell their stakes in Odeabank to ADQ.
In the statement, ADQ Vice President Mansour AlMulla emphasized that the acquisition of Odeabank reinforces their commitment to investing in assets that are fundamental to the sustainable development of their portfolio companies and the economy.