Abu Dhabi Fund to Acquire 96% Stake in Turkish Bank
ADQ partners with Bank Audi and others in a significant Turkish banking investment
Abu Dhabi’s ADQ to Acquire 96% Stake in Odeabank
Abu Dhabi state-controlled fund ADQ has entered into a definitive agreement with a consortium led by Lebanon’s Bank Audi to acquire 96% of the share capital of Odea Bank A.Ş. (Odeabank), a subsidiary of Bank Audi in Türkiye.
Other investors, including Bank Audi and International Finance Corporation, IFC FIG Investment Company Charles and the European Bank for Reconstruction and Development (EBRD), have agreed to sell their interests in Odeabank’s share capital to ADQ. Finance said on Tuesday.
Terms of the deal were not disclosed.
In 2022, ADQ launched a $300 million fund in partnership with Türkiye Wealth Fund, which invests in companies developing emerging technologies.
Abu Dhabi’s third-largest sovereign wealth fund, which invests in energy and utilities, food and agriculture, and healthcare, also acquired Turkish pharmaceutical company Birgi Meffer Group in 2022.
