Dechert has advised Bank Audi, and its Turkish subsidiary, Odea Bank, on a TL 1.0 billion capital increase of Odea Bank. The transaction, which was entered into on June 27, 2016, represents the largest cash capital increase in the Turkish banking sector in recent years.

IFC, a member of the World Bank Group, the IFC Financial Institutions Growth Fund (FIG Fund), a private equity fund managed by IFC Asset Management Company (AMC), and EBRD have entered into a subscription agreement with Bank Audi and Odea Bank pursuant to which they will become shareholders of Odea Bank, through a subscription of new shares. Middle Eastern investors and Bank Audi itself are also participating in the capital increase.

Completion of the transaction is subject to regulatory approvals and other customary closing conditions.

The Dechert team advising Bank Audi is being led by Camille Abousleiman and includes corporate partner, Simon Briggs, and corporate associate, James Stonehill.

Bank Audi and Odea Bank are being advised by Bilgiç Attorney Partnership as their legal counsel for Turkish Law, while IFC and EBRD are jointly being advised by Clifford Chance as to English Law and by Yegin Çiftçi Attorney Partnership as to Turkish law.