Lebanese Bank to double its Turkish investment

Istanbul, 12 July 2012 – Odea Bank, part of the Lebanese Bank Audi, is set to increase its capital from 300 million USD to 600 million USD according to Huseyin Ozkaya, Odea’s General Manager. Commenting on the increase Ozkaya said  “We are going through a very serious test phase. We test everything – the system, preparations, everything once again. All these efforts necessitate investment. There are indications from the investor that the investment will be constant. We have shared all our efforts particularly with the group’s Chief Executive Officer Samir Hanna. The investor has promised us that the amount of capital or funds we want will be provided. We may at least double the current USD 300 million. We are talking about USD 1 billion investment here” adding “From what I have heard indirectly, there are other banks, which are requesting a banking license from Turkey. During the 2001 economic crisis inTurkey, there was a very good reason not to grant banking licenses”. Source: Invest inTurkey