Odeabank to open five branches by year’s end

ISTANBUL - Hürriyet Daily News

Odeabank will open ATM branches like the one seen here in Beirut. Hürriyet photo

Lebanon-based Bank Audi, which will enter the Turkish market under the name Odeabank, plans to open its first five branches at the end of the year before branching out to Ankara and İzmir, according to an official statement from the bank.

“The bank’s growth in the Turkish market in the coming years is one of the bank’s main priorities,” the statement read.

The Banking Regulation and Supervision Agency (BDDK) had given its approval at the beginning of October for Odeabank to begin its operations in the Turkish market. Furthermore, the BDDK has finally allowed Bank Audi to operate under the Odeabank name after a 12-year application period.

The bank has opened its headquarters in Istanbul’s Olive Plaza in Maslak and currently there are 200 employees working for the bank. Odeabank plans to increase this number to 2,000, according to newsportal Finansgündem. The bank plans to establish ATM machines and to provide internet and mobile banking services to its clients.

Meanwhile, Audi Bank announced a 14 percent increase in net profits in the first 12 months of 2012, bringing in $309 million despite what it said were difficult economic conditions in Lebanon, the Middle East and North Africa.