Abu Dhabi-based investment and holding company ADQ has signed a definitive agreement with Lebanon's Bank Audi to acquire a 96 per cent stake in Odeabank, the lender’s Turkish subsidiary.
The financial details of the transaction, which is subject to regulatory approvals, were not disclosed.
Following the agreement, Bank Audi and other investors, including International Finance Corporation, European Bank for Reconstruction and Development and IFC FIG Investment Company, have agreed to sell their interests in the share capital of Odeabank to ADQ.
This strategic acquisition marks ADQ’s latest move to expand its portfolio in the banking sector and strengthen its presence in Turkey’s growing financial market.
As part of ADQ, Odeabank will have access to fresh capital, which will allow the company to “unlock synergies with our wider portfolio”, said Mansour AlMulla, ADQ’s deputy group chief executive.
“We are confident that this will accelerate the execution of Odeabank’s growth plans, while driving technological innovation in the financial services sector.”
Founded in 2012, Odeabank is Turkey’s 13th largest private bank by gross loans and customer deposits. As of June 2024, it operates through 41 branches in 15 cities across the country. While the bank primarily focuses on commercial lending, it has expanded its offerings to include a growing retail and wealth management division.
The transaction aligns with Bank Audi’s “strategic focus on its home market as well as its presence in Europe”, said Khalil El Debs, chief executive of Bank Audi.
Established in 2018, ADQ has built a diverse portfolio of major enterprises and has increasingly focused on expanding its presence in the Turkish market in recent years.
In July last year, it signed two multibillion-dollar agreements with Turkey to provide earthquake relief financing and boost bilateral trade. One agreement, made with Turkey's Ministry of Treasury and Finance, involved $8.5 billion in financing for earthquake relief bonds, while in another $3 billion deal, ADQ partnered with the Export Credit Bank of Turkey to provide credit financing solutions.
In 2022, it launched a $300 million fund with Turkey Wealth Fund, which invests in companies developing emerging technologies or improving existing technologies.
In the same year, ADQ acquired Turkish pharmaceuticals company Birgi Mefar Group, which has become part of ADQ’s wholly owned global life sciences holding company Arcera.
In November 2021, ADQ also signed agreements with various Turkish investment entities to boost the development of priority sectors in the UAE and Turkey ranging from technology to health care.
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TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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Honeymoonish
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
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