ADQ And Bank Audi Finalise Definitive Agreement For 96% Acquisition Of Odea Bank

ADQ, an investment and holding firm based in Abu Dhabi, has entered into a definitive agreement with Bank Audi sal, a prominent Lebanese bank. This agreement involves ADQ acquiring 96% of the share capital of Odea Bank A.Ş., which is Bank Audi's subsidiary in Türkiye. The transaction includes other investors like the International Finance Corporation and the European Bank for Reconstruction and Development.

Mansour AlMulla, Deputy Group Chief Executive Officer at ADQ, stated that acquiring Odeabank aligns with their strategy to invest in assets that support sustainable development. He highlighted that Odeabank will benefit from new capital and synergies within ADQ’s portfolio, driven by favourable market conditions in Türkiye. This acquisition is expected to boost Odeabank’s growth plans and foster innovation in financial services.

Khalil El Debs, CEO of Bank Audi, expressed satisfaction with the transaction. He noted that it fits well with Bank Audi Group’s strategic focus on its core markets and European presence. El Debs remarked on the significance of attracting interest from a global entity like ADQ for their Turkish subsidiary.

In 2022, ADQ initiated a US$300 million fund alongside Türkiye Wealth Fund to invest in companies advancing emerging technologies or enhancing existing ones in vital sectors. That same year, ADQ acquired Birgi Mefar Group, a leading Turkish pharmaceuticals company now part of Arcera, ADQ’s global life sciences holding company.

ADQ's diverse portfolio covers key sectors crucial to Abu Dhabi's economy diversification. These include energy and utilities, food and agriculture, healthcare and life sciences, as well as transport and logistics. Their Financial Services cluster also includes Abu Dhabi Securities Exchange (ADX) and Wio Bank.

Regulatory Approvals Required

The completion of this transaction is contingent upon receiving customary regulatory approvals. These include clearances from Türkiye’s Banking Regulation and Supervision Authority and the Competition Authority.

In 2023, ADQ signed two memoranda of understanding with Türkiye to strengthen bilateral relations and contribute to economic development. These agreements reflect ADQ's commitment to fostering deeper ties with Türkiye while supporting its economic growth initiatives.

With inputs from WAM