Odea Bank Successfully Completes TL 1.0 Billion Capital Increase

11 Aug 2016
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.

About Bank Audi

Founded in 1830, Bank Audi (ISIN: LB0000010415) was incorporated in its present form in 1962 as a private joint stock company with limited liability (“société anonyme libanaise”). Since 1983, the shareholder base has expanded and is currently comprised of more than 1,500 holders of common shares and global depositary receipts (representing common shares). Bank Audi's common shares are listed on the Beirut Stock Exchange and its GDRs are listed on both the Beirut Stock Exchange and the London Stock Exchange.

Bank Audi is a universal bank with presence in 13 countries. It operates principally in Lebanon, the MENA region and, since November 1, 2012, in Turkey, offering a full range of products and services that principally cover commercial and corporate banking, retail and individual banking, and private banking, as well as ancillary activities such as investment banking and on-line brokerage.

Bank Audi has two principal subsidiaries in Lebanon, two subsidiaries in Europe, as well as an asset management company in Monaco, six subsidiaries in the MENA region outside Lebanon, and a subsidiary in Turkey. As at end-June 2016, Bank Audi and its consolidated subsidiaries had 7,209 employees, including 3,261 persons employed in Lebanon, 1,576 persons employed at Odea Bank in Turkey, and 1,387 persons employed at Bank Audi Egypt. For more information, please visit www.bankaudigroup.com or Bank Audi’s Investor Relations App (App Store & Google Play).

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About Odea Bank

Odea Bank, the majority-owned subsidiary of Bank Audi, is a joint stock company established on March 15, 2012. Since its establishment, Odea Bank became a mid-tier bank in less than two and a half years, now ranking 8th in the Turkish banking sector by customer deposits. Serving around 620,000 retail customers, Odea Bank operates a 56-branch network. For more information, please visit www.odeabank.com.tr

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise and influence to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly US$ 18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, please visit www.ifc.org

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About IFC Asset Management Company

IFC Asset Management Company LLC (AMC), a wholly-owned subsidiary of IFC, invests third party capital, enabling investors to benefit from IFC’s expertise in achieving strong equity returns, as well as positive development impact in the countries in which it invests. AMC has raised US$ 8.7 billion of capital across 11 investment funds. For more information, visit www.ifcamc.org

About EBRD

The EBRD is a multilateral bank committed to the development of market-oriented economies and the promotion of private and entrepreneurial initiative in more than 30 countries from Morocco to Mongolia and from Estonia to Egypt. The Bank is owned by 65 countries, the EU and the EIB. For more information, please follow the EBRD on the www.ebrd.com/home

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