Odeabank wins International Finance Magazine's "Most Innovative Bank Turkey 2013" award

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Mar 19, 2014, 05:00 ET

LONDON, March 19, 2014 /PRNewswire/ --

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Odeabank, the first bank to obtain a license for a green field banking operation after a period of 15 years in the Turkish banking sector on 28 October 2011, has won the "Most Innovative Bank Turkey 2013" award from the London-based International Finance Magazine (IFM). A 100 percent subsidiary of Lebanon's Bank Audi, Odeabank has set itself a target of being among "the giants' league" in 2017.

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Odeabank won the "Most Innovative Bank Turkey 2013" award during the IFM 2013 Annual Awards function held in Dubai on December 20, 2013. This was Odeabank's third global award during the year.

IFM gave the award after a rigorous evaluation of 500 nominations by an internal research team and an external research agency. The International Finance Magazine has a readership across more than 200 countries across the world with more than 1 million average annual visitors.

Speaking at the award-giving function IFM's publisher Sunil Bhat said "The award reflects the fact that Odeabank has been the most innovative bank in Turkey in not only offering new products and improved customer services but also in leveraging technology."

Odeabank launched its operations on 1 November 2012. It operates in areas such as retail banking and in providing a wide range of financial services to medium-sized Turkish corporates.

By January 1, 2013, Odeabank had 400 employees and six branches - mostly in major cities of Istanbul, Ankara and Izmir. Since then, the Bank has expanded rapidly and by the end of December 2013, it had 37 branches and more than 1000 employees with assets of US$7.6 billion. Odeabank holds the 14th place in terms of asset size among deposit banks.

Odeabank's shareholder, Lebanon based Bank Audi, is a regional group with presence in 13 different countries. With a universal bank profile, Bank Audi covers all segments of banking activities including corporate, commercial, retail, investment and private banking. As of December2013, Bank Audi's consolidated assets reached US$ 36.1 billion. Bank Audi's group staff headcount exceeds 5,000 employees and its shareholders base encompasses more than 2,500 holders of Common Shares and/or holders of Global Depositary Receipts (GDRs) listed on London Stock Exchange. Bank Audi ranks first among Lebanese banks and is positioned in the inner circle of top Arab banking groups in the MENA region. Its shares are listed on the Beirut Stock Exchange.

Headquartered in London, the IFM aims at providing information, analysis and insights for the global finance community. During the Annual 2013 IFA Awards, individuals and organizations across the world are rewarded for showing innovation and excellence in the global financial industry.

About Odeabank

Odeabank, a 100 percent subsidiary of Lebanon-based Bank Audi, was the first bank to obtain a license for a green field banking operation after a period of 15 years in the Turkish banking sector on 28 October 2011. Leveraging its natural strengths as a mediator in trade and investment flows between Turkey and the MENA region, Odeabank is aiming to act as a full-service bank, providing its technological infrastructure and experienced human resources to the service of the Turkish economy.

About International Finance Magazine

With its readership spread across more than 100 countries, London-based International Finance Magazine provides exclusive reports, analysis and commentary on banking, capital markets, wealth management, Islamic finance and technology.

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SOURCE International Finance Magazine