Odea Bank successfully completed the capital increase of TL 1.0 billion, after obtaining necessary corporate and regulatory approvals, including that of the Banking Regulation and Supervision Agency (BRSA).

International Finance Corporation (IFC), a subsidiary of IFC Financial Institutions Growth Fund (FIG Fund) and the European Bank for Reconstruction and Development (EBRD) participated in the capital increase which was announced on June 27, 2016, along with other private investors.

Bank Audi Group remains a majority shareholder of Odea Bank following the capital increase, with a stake of more than 75 per cent. The transaction demonstrates strong investor confidence in Odea Bank, as well as the resilience of the Turkish economy.

Odea Bank is expected to use the proceeds from the equity investment to expand its financing in the real sector in Turkey, fund large scale infrastructure projects, increase access to finance for medium and small sized companies, and to make investments in its branch network, digital banking channels and technology.

Bank Audi was advised by J.P. Morgan as its exclusive financial advisor and by Dechert as its legal counsel for English law and by Bilgiç Attorney Partnership as its legal counsel for Turkish law, and IFC and the EBRD were jointly advised by Clifford Chance as legal counsel for English law and by Yegin Çiftçi Attorney Partnership as their legal counsel for Turkish law.

Key Contacts

Bank Audi: Carole Aoun (Tel: +961 1 977 358, e-mail: carole.aoun@banqueaudi.com)

Odea Bank: Asli Aliveren (Tel: +90 212 304 8640, e-mail: asli.aliveren@odeabank.com.tr)

IFC: Başak Pamir Ülgen (Tel: +90 532 314 1636, e-mail: bulgen@ifc.org)

EBRD: Olga Rosca (Tel: +44 207 338 8163, e-mail: olga.rosca@ebrd.com)