Strategic Investment Bolsters ADQ’s Portfolio and Enhances Financial Services in Turkey
Abu Dhabi-based investment and holding company ADQ has signed a significant agreement to acquire 96% of the share capital of Odea Bank, a prominent Turkish financial institution and a subsidiary of Bank Audi. Odea Bank ranks as Turkey’s 13th largest private conventional bank, boasting a robust presence with 41 branches across 15 cities and approximately 1,300 employees as of June 2024.
The acquisition marks a pivotal step for ADQ, aligning with its strategic focus on sustainable development and investment in key assets. Although the value of the transaction has not been disclosed, it involves the purchase of shares from Bank Audi and other investors, including the International Finance Corporation (IFC), IFC FIG Investment Company Sarl, and the European Bank for Reconstruction and Development (EBRD).
Mansour AlMulla, Deputy Group Chief Executive Officer at ADQ, emphasized the significance of the acquisition: “The acquisition of Odea Bank reinforces our commitment to investing in assets that lay the foundation for the sustainable development of our portfolio companies as well as the wider economy. As part of ADQ, Odea Bank will have access to fresh capital, which will allow the company to unlock synergies with our wider portfolio, underpinned by attractive market dynamics in Turkey.” He added that this move is expected to accelerate Odea Bank’s growth plans and foster technological innovation within the financial services sector.
Khalil El Debs, CEO of Bank Audi, acknowledged the strategic alignment of the deal with the bank’s focus on its core markets in Europe and Turkey. “We are pleased to have attracted the interest of a global institution like ADQ in acquiring Odea Bank A.Ş., our Turkish subsidiary,” he stated.
This acquisition is part of ADQ’s broader strategy to expand its investment portfolio in Turkey, which includes the launch of a $300 million fund in collaboration with the Turkey Wealth Fund in 2022. This fund focuses on companies innovating in emerging technologies across various sectors. In the same year, ADQ acquired the leading Turkish pharmaceuticals company, Birgi Mefar Group, which now operates under ADQ’s global life sciences holding company, Arcera.
ADQ’s expansive portfolio covers key sectors essential to Abu Dhabi’s diversifying economy, including energy and utilities, food and agriculture, healthcare and life sciences, and transport and logistics. The financial services cluster also encompasses the Abu Dhabi Securities Exchange (ADX) and Wio Bank, further solidifying ADQ’s commitment to driving growth and innovation within the region’s financial landscape.
