Turkish Odeabank’s handover to UAE-based ADQ approved
File photo shows exterior of a Odeabank branch in Türkiye, accessed on Mar. 28, 2025. (AA Photo)
Türkiye’s Competition Authority announced on Friday that it approved the acquisition of full control of Turkish lender Odeabank by Abu Dhabi-based investment holding company Abu Dhabi Developmental Holding Company P.J.S.C. (ADQ).
According to the authority’s statement, the transaction will be carried out through ADQ Financial Services LLC.
With this acquisition, Odeabank—established in Türkiye in 2011 after receiving a banking license from the Turkish Banking Regulation and Supervision Agency (BRSA)—will change ownership for the first time in nearly 14 years.
On Oct. 15, 2024, ADQ reached an agreement to acquire 96% of Odeabank’s share capital from a group of shareholders led by Lebanon-based Bank Audi.
Under the deal, Bank Audi agreed to sell its 76.419% stake, while the European Bank for Reconstruction and Development (EBRD) will transfer its 8.009% share. The International Finance Corporation (IFC) will sell its 6.36% holding, IFC FIG Investment Company S.a.r.l will divest 3.43%, and individual shareholder Mohammad Hassan Zeidan will sell his 1.78% stake to ADQ.
With total assets exceeding $250 billion, ADQ is set to further strengthen its presence in Türkiye through this acquisition.
