PHOTO
Abu Dhabi’s sovereign wealth fund ADQ is looking to expand its presence in Turkey by acquiring Odeabank, according to Bloomberg.
Negotiations for the potential acquisition have already been initiated with the lender, the news agency reported on Tuesday, citing people with knowledge of the matter.
Although the discussions for a possible deal started a few months back, no final decision has been reached yet and it remains uncertain whether the investment will push through, the report noted.
Odeabank has assets worth 87.3 billion liras ($2.6 billion). The bank is majority-owned by Lebanon’s Bank Audi, with a stake of more than 75%.
With assets exceeding $249 billion, ADQ has been eyeing investments overseas. Last April, the investment and holding firm signed a deal to explore up to $500 million worth of investments in Kenya.
In the same month, the firm announced the acquisition of a 49% stake in Australia’s Plenary Group, a developer of public-private infrastructure projects. ADQ had also unveiled plans to invest $35 billion in Egypt.
(Writing by Cleofe Maceda; editing by Seban Scaria)
