Odea Bank - Fastest-Growing 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: Fastest-Growing Company of the Year - in Europe
Nomination Title: Odeabank
Tell the story about the growth of this nominated organization since 1 January 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Begin this section with the following two lines: Year over year revenue growth (%): Year over year employee growth (%):
-Revenue Growth (Asset Size):
-2012 - 3.635 billion TL
-2013 - 16.1 billion TL (%343)
-2014 - 25.6 billion TL (%59)
-2015 - 32.1 billion TL (%25)
-2016 - 38.3 billion TL (19.3)
-2012 - 396
-2013 - 1105 (%79)
-2014 - 1388 (%25)
-2015 - 1538 ()
-2016 - 1681 (%9)
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 at the end of its 4th year of operation. 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 a short period of 4 years, Odeabank completed 2016, which was full of challenges for the global and Turkish economy, by growing with solidsteps and increasing its capital strength thanks to its innovative and dynamic perspective in banking, customer-focused approach and effective risk management policy.
Odeabank, displaying performance above the sector average since the day it was established, has raised its net profit by 298 per cent to 200.4 million TL in 2016, in a year when Turkey went through a difficult time both politically and economically. Odeabank, succeeding in raising its net assets by 19.3 per cent to 38.3 billion TL, its deposits by 15.5 per cent to 29.3 billion TL, total credits by 21.3 per cent to 26.4 billion TL, exceeded 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 realized a successful capital increase of 1 billion TL with the contribution of respected international financial organizations like IFC and EBRD and its main shareholder Bank Audi. The resources provided by capital investment provided additional strength to Odeabank in terms of new investments and growth, also assisting the bank in its goal of entering the “major league” of the Turkish banking sector.
Odeabank, always aiming to provide its customers a more comprehensive and prominent approach in line with its “Personalized Banking” approach, has reached 50 branches in 15 cities, 65 ATMs and 1681 employees. The bank, adopting an efficiency-based business model and pursuing a strategic organization of its branches since the day of its establishment, aims to grow by focusing on quality rather than quantity in its branch operation. Odeabank serves customers in all segments, focusing on retaining the acquired customers in the bank. Within this scope, Odeabank is noteworthy in its numerous products and services developed in retail banking, its annual customer acquisition rate in retail banking being twice its annual financial growth. Although the bank grows cautiously in terms of the number of its branches, 95 per cent of its 1 million customers originate from retail banking.
Odeabank continues to extend its banking operations, keeping its costs under control also by accessing its customers through digital channels. The bank, successfully utilizing direct banking channels such as mobile applications, increased the number of customers who use the direct banking channels by 35 per cent in just one year. Odeabank introduced new products and services to its customers in Retail and SME banking in 2016, launching 2 new credit cards, one of which offers both shopping and airline award miles to its users. Moreover, Odeabank established the SME business line by instituting organizational changes in 2016. Odeabank plans to double its market share in this segment through its activities in SME Banking.
These achievements of Odeabank, continuing its investments without pause and with its goals in mind, in all banking services, is viewed as a success story in Turkey and international platforms.
In bullet-list form, briefly summarize up to ten (10) growth-related achievements of the nominated organization since 1 January 2016 (up to 150 words).
-Odeabank ranks in 8th place among private deposit banks in terms of deposits and 9th in terms of total assets
-Odeabank, displayed a performance above the sector average and has raised its net profit by 298 percent to 200.4 million TL in 2016
-Odeabank increased its assets by 19.3 per cent, its deposits by 15.5 per cent and its credits by 21.3 percent
-Odeabank has realized a successful capital increase of 1 billion TL with the contribution of with the contribution of respected international financial organizations like IFC and EBRD
-The capital increase has been a significant development as it has built up trust both locally and globally
-In the field of Consumer and SME banking, Odeabank has introduced new products and services in 2016 and established SME Banking line of business
-Odeabank has reached 50 branches in 15 cities, 65 ATMs and 1681 employees.