Odea Bank - Company of the Year
Company: Odea Bank A.S., Istanbul, Turkey
Company Description: Being the 1st bank to obtain a license for a green field banking operation after a period of 15 years in the Turkish banking sector, Odeabank was granted an operating permission by the BRSA on 2 October 2012. Starting its operations as the 49th player in the Turkish banking sector, Odeabank became the 9th bank in terms of asset size among private deposit banks.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Banking - Medium-size
Nomination Title: Odeabank
Tell the story about what this nominated organization has achieved since 1 January 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Odeabank entering the Turkish banking sector in 2012, has brought a brand new perspective to the banking sector in Turkey with its customer-focused approach to banking. Odeabank's achievements, resulting from growth performance above the sector average that it continues to display in a stable manner, its business partners, its customers and employees have become an inspiration for the banking sector in Turkey.
Odeabank, turning challenges into opportunities with a powerful grasp of Turkey's strong dynamics and the global economic environment while working with an effective risk management policy, succeeded in reaching an asset size that mid-size banks achieve in 10 years within 4 years.
Odeabank, displaying growth performance above the sector average since the day it was established, increased its net profit by 298% to 200.4 million TL in 2016, a difficult period for Turkey both politically and economically. Odeabank has succeeded in increasing its net assets by 19.3% to 38.3 billion TL, its deposits by 15.5% to 29.3 billion TL and its total credits by 21.3% to 26.4 billion TL, thus exceeding all its targets set at the beginning of the year.
In the month of July, when Turkey was going through a sensitive period and foreign investors were cautious due to the coup d’etat attempt, Odeabank has realized a successful capital increase of 1 billion TL with the contribution of respected international financial organizations like IFC and EBRD, as well as its main shareholder Bank Audi. The resources obtained by capital investment has made Odeabank more powerful in terms of new investments and growth; bringing the bank one step closer to its aim of entering the “major league” of the Turkish banking sector.
Odeabank, setting off to become one of the first banks that comes to mind in all fields of banking, has brought a new perspective to the sector in terms of an efficient business model and organizational structure, following a strategic process in branch management. Odeabank has improved its digital banking channels thus opening the way to offer more personalized service to its customers who expect one-to-one communication and expertise in retail banking by reducing the service load on its branches. Having 50 branches, 65 ATMs, 1681 employees and nearly 1 million customers in 15 cities around Turkey, Odeabank designs its products and services to minimize the need to visit a branch. The bank, preventing waste of time and energy for its customers, launched the savings account Oxygen Account which features a remote account opening feature in 2015, and Oxygen Foreign Currency Account, a foreign currency savings account in 2016.
Odeabank continued to bring new conveniences to its retail banking customers, renewing its website to be perfectly compatible with its mobile application. In Odeabank's new internet site a “simple and interactive” design has been adopted; with this new design Odeabank customers have begun to carry out all internet banking transactions through a single site regardless of the device (smartphone, tablet or laptop) they are using whether from mobile or desktop.
Odeabank has partnered with an important private airline company in Turkey and launched a credit card that aims to provide the most miles by transforming shopping and airline expenses to miles and began to provide advantages to its customers with a competitive approach in the travel miles award card category. Moreover Odeabank has established an SME Banking business line in 2016 in order to to provide a more comprehensive service to its priority segment of SMEs. Odeabank continues its plans to double its market share in this field with its activities in the SME Banking segment.
With all these innovations and services it has brought to the sector, along with its “personalized banking” approach, Odeabank has achieved the rank of 8th among private deposit banks in terms of deposits and 9th in terms of total assets where it had entered at the 49th place in 2012.
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2016 (up to 150 words).
Odeabank, entering the Turkish banking sector in 49th place in 2012 now ranks in 8th place among private deposit banks in terms of deposits and 9th in terms of total assets.
-In 2016 Odeabank increased its assets by 19.3%, its deposits by 15.5% and its total credits by 21.3%.
-Odeabank has continued growth performance above the sector average despite the economic difficulties of 2016, increasing its net profit by 298%.
-Odeabank has increased its capital by 1 billion TL with the participation of global financial institutions like the IFC and EBRD.
-Odeabank has achieved encouraging success within the banking sector with its consistent growth performance above the sectoral average.
-Odeabank has reduced the service load on its branches by improving its digital banking channels, thus opening the way to offer more personalized service to its customers who expect one-to-one communication and expertise.
Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2016?