UAE’s ADQ seeks to expand in Türkiye with Odeabank acquisition
Odeabank logo. (AA Photo)
Abu Dhabi’s sovereign wealth fund, ADQ, is poised to make a significant move into Türkiye’s banking sector by negotiating the acquisition of Odeabank, highlighting a growing wave of foreign investment in Türkiye and deepening of economic ties between the UAE and Türkiye.
ADQ, which manages assets surpassing $249 billion, has been increasing its focus on international investments. The fund’s interest in Odeabank follows its recent pursuit of Lebanon’s Bank Audi, signaling a strategic expansion into the Turkish market.
The UAE’s commitment to Türkiye is partly driven by improved political relations and the country’s robust economic growth prospects. The UAE’s recent pledge of $50 billion in support during President Erdoğan’s regional tour underscores the importance of this bilateral relationship.
Odeabank, established by Bank Audi, stands as a notable player in Türkiye’s banking sector, serving individual and SME clients. The acquisition would provide ADQ with a strategic entry point into Türkiye’s financial market.
This potential deal could enhance competition within the Türkiye banking sector by increasing foreign capital inflow. Additionally, ADQ’s introduction of new technologies and business models could contribute to the sector’s evolution.
For Türkiye, the investment represents a boost to foreign direct investment and could further strengthen economic and commercial ties with the UAE. However, the outcome of this acquisition will depend on regulatory approvals and prevailing economic conditions.
