UAE sovereign wealth fund to acquire 96 percent stake in Odeabank

Abu Dhabi-based ADQ and Bank Audi have agreed for ADQ to acquire a 96 percent stake in Odeabank, a subsidiary of Bank Audi. It was known that ADQ was in negotiations to acquire Odeabank, a mid-sized bank in Turkey with an asset size of 87.3 billion liras (2.6 billion dollars). A statement made to the Public Disclosure Platform (KAP) today confirmed that a final agreement has been reached on the sale transactions.

In the statement released by the company, it was stated that Bank Audi, which founded the bank in 2012 and is the largest shareholder with a 76.4 percent stake, and other investors have agreed to sell their shares in Odeabank's capital to ADQ.

UAE SOVEREIGN WEALTH FUND ACQUIRES ODEABANK

The Abu Dhabi sovereign wealth fund (ADQ), the state investment fund of the United Arab Emirates (UAE), has reached an agreement to acquire a 96 percent stake in Odeabank. Abu Dhabi-based ADQ and Bank Audi have agreed for ADQ to acquire a 96 percent stake in Odeabank, a subsidiary of Bank Audi. It was known that ADQ was in negotiations to acquire Odeabank, a mid-sized bank in Turkey with an asset size of 87.3 billion liras (2.6 billion dollars).

A statement made to the Public Disclosure Platform (KAP) today confirmed that a final agreement has been reached on the sale transactions.

In the statement released by the company, it was stated that Bank Audi, which founded the bank in 2012 and is the largest shareholder with a 76.4 percent stake, and other investors have agreed to sell their shares in Odeabank's capital to ADQ.

REPORTED TO KAP

The following was noted in the statement made to KAP:

"Subject to the approvals of the Banking Regulation and Supervision Agency and the Competition Authority; ADQ, an Abu Dhabi-based investment and holding company established in 2018 as a strategic partner of the Abu Dhabi Government, has reached a definitive agreement with a shareholder consortium led by Bank Audi to acquire a 96 percent stake in Odeabank.

According to the agreement, in addition to Bank Audi's 76.419 percent stake, the European Bank for Reconstruction and Development ("EBRD") with 8.009 percent, the International Finance Corporation ("IFC") with 6.362 percent, IFC FIG Investment Company S.a.r.l with 3.426 percent, and Mohammad Hassan Zeidan with 1.780 percent have agreed to sell their shares to ADQ."

News Source: 12punto