ODEABANK: A SUCCESS STORY IN TURKISH BANKING

Having moved up to the 10th place from the 49th place following its entry into Turkish banking industry, Odeabank is now one of the greatest success stories in Turkish banking sector regarding its asset and deposit size among private deposit banks in Turkey.

Odeabank was established in 2012 in Turkey as a subsidiary of Lebanon based Bank Audi Group and it has brought new blood to the Turkish banking sector with its dynamism and innovative outlook, as can be seen in its solid financial results for this year. Having entered the sector as the first bank after 15 years of interlude in the Turkish banking sector, Odeabank was able to secure its place as the country’s one of the top ten largest deposit banks within just two years.

However, 2014 was somewhat of a tough year for Turkey and in spite of the shrinkage in the first half of 2014, Odeabank was able to finish the year as the country’s 10th largest bank in terms of asset size among private deposit banks while making a net profit of TL 37,7 million only after 2 years since the operations started. Its end-year asset size reached TL 25.6 billion, its loan volume reached TL 18 billion, its deposits reached TL 21 billion and its total operating in come reached TL 587 million. Odeabank also became the 8th largest bank in terms of deposit among private deposit banks. As of the year end, Odeabank has 48 branches and 1,388 employees.

Odeabank has also helped the SMEs of Turkey, the locomotive behind the country’s exports and growth. The lender has shaped its business operations to accommodate the needs of SMEs, creating new financing models to enable SMEs to more readily find funding for their operations. Thanks to the $75 million credit deal Odeabank signed with IFC in the 2013, the Bank was able to strengthen its support for SMEs; $50 million of the IFC loans were being used to finance Turkey’s SMEs.

This, Odeabank achieved under conditions that sometimes edged on being adverse. 2014 was a tough year for the Turkish economy, with investor perceptions about the country’s financial sector being highly disrupted.

Similarly, when the Turkish Central Bank in January increased the interest rate, followed by a sharp rise in the interest rates in financial markets, Odeabank stood its ground, firmly supporting its customers, meeting their diverse range of financial needs, explaining that the rough ride was in fact only a short-term shock. And Odeabank proved right.

In 2014, Odeabank financed a wide range of companies as part of its corporate and commercial banking operations in a widely diverse array of sectors from energy to land development, from steel industry to retail, and from construction to contracting. Through these financing operations, Odeabank was able to reach a considerable size in its cash credits.

Odeabank has managed to make a difference in the sector in a variety of ways, but it really stood out with the difference it has made in serving its customers with its well-established service model, technological infrastructure, highly qualified and experienced staff.

Odeabank is also there for its Retail Banking customers. Through strong and solid business partnerships with the country’s leading chain stores, Odeabank was able to offer “Consumer Finance” to a vast array of customers. Odeabank’s special offers and programs, such as the “Ready-Cash” program, enabled it to switch to an effective segment management. Supported by all these campaigns, the number of our loan customers saw a tenfold increase year-over-year in 2014.With the support of “personalized banking” approach Odeabank started 2014 with 130K active customers, and ended the year with 500K active customers on board.

Finally, Odeabank has no doubt that it has created one of the most exciting banking stories that has emerged in the entire world over the past few years. Odeabank will continue to be an encouraging example of excellence in banking.

Bullet Points

  • Odeabank entered the sector from the 49th place as the first bank after 15 years of interlude and secured its place as the country’s top ten largest deposit bank within just two years.
  • With the support of customized banking approach Odeabank started 2014 with 130K customers, and ended the year with 500K customers on board.
  • Odeabank’s loan customers increased 10 times in comparison with the previous year during 2014.
  • Odeabank became the 10th largest bank in terms of asset size and the 8th largest bank in terms of deposit among private deposit banks in Turkey.
  • Odeabank’s year-end asset size reached TL 25.6 billion, its loan volume reached TL 18 billion and deposits reached TL 21 billion.
  • Odeabank’s total operating income reached TL 587 million while its net profit reached TL 37,7 million only after 2 years since the operations started.
  • As the year-end Odeabank reached 1388 employees and 48 branches.