7/9/2012

Lebanese Bank Audi to double investment in Turkey

Hurriyet Daily News - Odea Bank, the Turkish unit of the Lebanese Bank Audi, will increase its capital from USD 300 million to at least USD 600 million, was stated by the bank’s General Manager Huseyin Ozkaya.

 

Noting that the establishment preparation continues at 'full steam ahead', Ozkaya said, “We are going through a very serious test phase. We test everything – the system, preparations, everything once again. All these efforts necessitate investment. There are indications from the investor that the investment will be constant. We have shared all our efforts particularly with the group’s Chief Executive Officer Samir Hanna. The investor has promised us that the amount of capital or funds we want will be provided. We may at least double the current USD 300 million. We are talking about USD 1 billion investment here,” he said.

 

Odea Bank was the first bank to obtain a banking license last year in Turkey after a 12 year-hiatus of non-issuance of banking licenses. The lender could not register the name Bank Audi as it conflicts with the name of the German automaker.

 

Odea Bank will not be the last bank to obtain a banking license, said Ozkaya. “From what I have heard indirectly, there are other banks, which are requesting a banking license from Turkey. During the 2001 economic crisis in Turkey, there was a very good reason not to grant banking licenses,” he said. Now capital structure, capital adequacy ratios of banks in Turkey all indicate a successful banking system, according to Ozkaya.

lebanese; bank; investment; turkey; capital

ENGLISH