Lebanese bank to double investment in Turkey

Odea Bank, the Turkish unit of the Lebanese Bank Audi, will increase its capital from $300 million to at least $600 million, said the bank’s General Manager Hüseyin Özkaya, according to Hürriyet. Noting that the establishment preparation continues at full steam, Özkaya said, “We are going through a very serious test phase. We test everything – the system, preparations, everything once again. All these [works] necessitate investment. There are indications from the investor that the investment will be constant. We have shared all our works particularly with the group chief executive officer Samir Hanna. The investor has promised us that the amount of capital or funds that we want will be provided. We may at least double the current $300 million. We are talking about $1 billion investment here,” he said.