Odeabank Authorized to Launch its Operations​

Odeabank Authorized to Launch its Operations

Istanbul, October2nd, 2012

Being the first bank to acquire a banking license from scratch after a period of 15 years in Turkish banking sector, Odeabank, the subsidiary of Bank Audi in Turkey, has obtained the operating license from Banking Regulation and Supervision Agency.

Odeabank, the fully-owned subsidiary of Bank Audi sal in Turkey, announces today that it was granted an operating permission by the Banking Regulation and Supervision Agency (BRSA) on 2 October 2012. This comes after it had obtained a permission to establish a deposit bank on 28 October 2011. As such, Odeabank became the 49th player in the Turkish banking sector. The Bank is now authorized to launch its operations, planned for 2 October 2012.

Bank Audi sal is committed to fully support the business plan of Odeabank, aiming at ensuring high speed-high quality financial services, in various segments, to the Turkish corporates and individuals.

Samir Hanna, Group CEO of Bank Audi, said: "We are happy to be the first bank in 15 years to be granted the opportunity to cover the Turkish market which we consider to be of high value added. The means we intend to deploy are as important as the market potential is. Turkey represents a strategic extension to our existing franchise and is henceforth considered one of the major development pillars of our Group for the years to come."

Hüseyin Özkaya, Odeabank’s General Manager added: "Along with the operating permission, we expect to quickly complete a number of procedures before launching our activities. I believe that the investment we have made on human resources and technology will create solid and reliable platforms for our customers, which will complement the superior service quality and product range we are determined to offer. The Bank intends to steadily contribute to the financing of the Turkish economy and will offer important employment opportunities for Turkish graduates. We are highly pleased with the contribution that we will provide to Turkey."

Odeabank will start providing services to customers through an initial network of 7 branches before the end of the year , which would be gradually expanded, and through direct channels namely ATMs, internet and mobile banking. Its aim is to rapidly branch out so as to cover adequately main business centers and cities. The Bank’s staff headcount has so far exceeded 200 Turkish bankers. ​