Odeabank successfully completes TL 1.0 billion capital increase ​

Odeabank successfully completed the capital increase of TL 1.0 billion, after obtaining necessary corporate and regulatory approvals, including that of the Banking Regulation and Supervision Agency (BRSA).

International Finance Corporation (IFC), a subsidiary of IFC Financial Institutions Growth Fund (FIG Fund) and the European Bank for Reconstruction and Development (EBRD) participated in the capital increase, which was announced on June 27, 2016, along with other private investors.

Bank Audi Group remains a majority shareholder of Odeabank following the capital increase with a stake of more than 75 per cent. The transaction demonstrates strong investor confidence in Odeabank, as well as the resilience of the Turkish economy.

Odeabank is expected to use the proceeds from the equity investment to expand its financing in the real sector in Turkey, fund large scale infrastructure projects, increase access to finance for medium and small sized companies and to make investments in its branch network, digital banking channels and technology.