Abu Dhabi Deepens Foray Into Turkey With Odeabank Purchase - Bloomberg
Abu Dhabi sovereign wealth fund ADQ is buying Odeabank, marking the latest example of the oil-rich emirate’s efforts to expand into Turkey.
The $249 billion wealth fund will acquire a 96% stake in the lender owned by Lebanon’s Bank Audi SAL, it said in a statement on Tuesday. As part of the deal, Bank Audi and other investors, including International Finance Corp. and the European Bank for Reconstruction and Development, will sell their stakes in Odeabank to ADQ.
Odeabank is a midsize lender in Turkey with assets of 87.3 billion liras. Bank Audi, which established the firm in 2012, is its largest shareholder with a 76.4% stake.
ADQ has been in discussions to buy the lender over the past few months, Bloomberg News reported in August. Part of Sheikh Tahnoon bin Zayed Al Nahyan’s sprawling empire, ADQ is among Gulf investors evaluating Turkish assets after President Recep Tayyip Erdogan toured the region last year to shore up investments.
During that trip, the UAE had pledged more than $50 billion to support Turkey after years of animosity between the two countries over political differences. Other entities based in the Gulf state, including First Abu Dhabi Bank PJSC, have also evaluated potential acquisition targets in Turkey, Bloomberg News has reported.
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