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Report: Odea Bank cuts more than 100 jobs

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Report: Odea Bank cuts more than 100 jobs

Turkey-based Odea Bank AS cut more than 100 employees and is expected to cut more jobs in the coming days amid an ongoing restructuring, Reuters reported Dec. 4, citing "three sources with knowledge of the matter."

The lender said it is "re-evaluating the number of its personnel" but remains committed to the Turkish market, together with parent company Lebanon-based Bank Audi SAL.

As of September-end, Odea Bank had 36.4 billion Turkish lira in assets and more than 1,600 employees, the newswire added.

Despite desirable demographics, Turkey's growing market remains challenging for small, foreign-owned banks due to stiff competition from bigger local firms, Reuters wrote, noting that in 2016, HSBC Holdings Plc dropped its plan to sell its Turkish unit after receiving offers that were not sufficiently attractive.

As of Dec. 4, US$1 was equivalent to 3.89 Turkish lira.