Turkey – Lebanon’s Bank Audi plans to greatly expand presence in Turkey; Turkey’s İşbank opens a first branch in Kosovo

On 19 December the Lebanese newspaper The Daily Star published an exclusive report on the development plans of the Lebanese commercial bank Bank Audi S.A.L. (بنك عودة), which is controlled by Lebanon’s Audi Family and Saradar Family.  Mr. Freddie Baz, chief economist and advisor to the chairman of the bank, told the Star that the bank, which presently has 7 branches in Turkey, plans to increase that number to 25 by the end of 2013 and to 100 within five years. 

N.B.: Audi Bank operates in Turkey under the name “Odea Bank A.Ş.”  On 27 October 2011 Turkey’s Banking Regulation and Supervision Agency – Bankacılık Düzenleme ve Denetleme Kurulu (BDDK) – gave permission for Odea Bank to be founded (with Freddie C. Baz listed in fact as one of the founding partners), and on 28 September 2012 the Agency issued to Odea Bank an authorization to operate.

Sources:

Bank Audi capitalizing on Turkish market (2012-12-19 01:04)

Bank Audi, Türkiye'de büyüyecek (2012-12-20 16:01)

AKuruluşlar – Bankalar – Odea Bank A.Ş. – Açıklama

Karar Sayısı: 4432 – Bank Audi-Türkiyede Banka kurma talebi (2011-10-27)

Karar Sayısı: 4963 – Odea Bank A.Ş.'ye faaliyet izni verilmesine (2012-09-28)

In other news, on 21 December the Turkish commercial bank İşbank (Türkiye İş Bankası A.Ş.), which had earlier announced plans to open a branch in Kosovo, issued a brief communiqué stating that it had successfully opened a branch in Prishtina and begun operations there.

Sources:

TÜRKİYE İŞ BANKASI A.Ş. – Özel Durum Açıklaması (Genel) (2012-12-21 18:10:29)

İş Bankası Kosova'da banka alıp, Gürcistan'da şube açacak (2011-12-22)

Mark Pleas

Eastern Europe Banking & Deposits Consultant

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