Odea Bank equity (EBRD-48128)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 25, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
ODEA BANK
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Industry and Trade
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 70.59 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported TRY 263,394,000.00
Converted using 2017-04-08 exchange rate.
Project Cost (USD)
$ 258.22 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported TRY 963,394,000.00
Converted using 2017-04-08 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 26, 2018

Disclosed by Bank Dec 14, 2016


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Project Description

This project invests equity in Odea Bank of Turkey to provide additional financial flexibility for the Bank to expand its financing the real sector in Turkey, fund large scale infrastructure projects, increase access to finance for small and medium-sized enterprises, and invest in new technologies to reach 1 million unbanked people in Turkey.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
  • International Finance Corporation (IFC)

This equity investment is a capital increase of Odea Bank, alongside IFC and a number of private Middle Eastern investors.

Odea Bank started its operations in Turkey in late 2012 as a subsidiary of Bank Audi Group, the largest Lebanese lender and one of the leading international financial institutions with a presence in both the MENA region and Europe. Odea Bank operates 56 branches in 16 cities and employs over 1,500 staff as of June 2016.

Private Actors

Odea Bank started its operations in Turkey in late 2012 as a subsidiary of Bank Audi Group, the largest Lebanese lender and one of the leading international financial institutions with a presence in both the MENA region and Europe. Within only three and a half years of operations, Odea Bank has established itself as one of the key players in the attractive Turkish banking sector reaching eighth position by customer deposits and ninth position by loans as of March 2016, excluding stateowned banks and based on BRSA unconsolidated financial statements of Turkish banks. Odea Bank operates 56 branches in 16 cities and employs over 1,500 staff as of June 2016.

Contact Information

Project Contact: Estel Gürdogan

Email Address: Estel.Gurdogan@odeabank.com.tr
Telephone No.: 90 212 304 85 20; 90 212 304 84 45
Website: https://www.odeabank.com.tr

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.