PROJECT

Projects

Summary of Investment Information

Project Number

37925

Company Name

ODEA BANK ANONIM SIRKETI

Date SPI Disclosed

Jun 27, 2016

Country

Turkiye

Region

Central Asia and Turkiye

Projected Board Date

May 31, 2016

Environmental Category

FI-1 - Significant

Status

Completed

Last Updated Date

Feb 1, 2026

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Jun 7, 2016
Signed : Jun 27, 2016
Invested : Jul 28, 2016

Sector

Commercial Banking - Digital Finance [Project only]

Project Description

The proposed IFC investment consists of participation in a capital increase for a relatively young bank, Odeabank A.S. (“Odeabank” or the “Bank”) in the Republic of Turkey (“Turkey” or the “Country”) (the “Project”).

Founded in November 2012, Odeabank has been a growing player in the Turkish banking sector ranking twelfth in terms of asset size which reached around US$11 billion and a capital base of around US$0.9 billion as of year-end 2015. The Bank has 55 branches and around 1,560 employees offering a wide spectrum of universal banking products among key segments including corporate, commercial, small and medium enterprises and retail banking. The Bank has adopted a direct banking model with effective utilization of alternative distribution channels and has been identified as a potential partner for IFC to work with in supporting digital banking in Turkey.

The Project will help the Bank to build on its small and medium enterprises (“SMEs”) loan portfolio and support its existing digital banking activities to reach out to micro and other underbanked segments of the population.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation