Odeabank Sustainability Report: “More Than Meets the Eye”​

Odeabank, dedicated to creating sustainable value for its stakeholders and the national economy through its banking activities, has published its inaugural Sustainability Report. In its inaugural Sustainability Report, titled “There Is a World, There Is Nothing Like a Better Future,” Odeabank detailed its environmental, social, and governance activities for the 2021 fiscal year. The report underscored the importance of the International Finance Corporation (IFC) environmental standards for loan allocation and set a specific carbon footprint target. Commenting on the report, Odeabank CEO Mert Öncü noted that they had enhanced their financial and sustainability performance despite the ongoing impacts of the pandemic. He emphasized that they will continue to publish their sustainability activities annually.

For 10 years, Odeabank, Turkey’s young, dynamic, and innovative bank, has been tirelessly continuing its activities for a sustainable future. The bank has now published its first Sustainability Report, titled “There Is a World, There Is Nothing Like a Better Future,” covering environmental, social, and economic issues for the 2021 fiscal year.

Detailing the bank’s sustainability performance, strategic perspective, and financial results in environmental, governance, and social areas, the report was issued in accordance with the Global Reporting Initiative (GRI) standards. The report also sheds light on Odeabank’s future vision and goals.

Despite being a late entrant to the Turkish banking sector in 2012 as the 49th bank, Odeabank successfully increased its asset size 11-fold in just four years and is now among Türkiye’s top 10 banks in terms of asset size.

As the most dynamic, innovative, and competitive player in the Turkish banking industry, Odeabank achieved an asset size of 55.5 billion Turkish lira in just nine years by the end of 2021. With its high liquidity and strong capital structure, the bank is well-prepared for the future.

Sustainability Guides Our Decision-Making Processes

Highlighting Odeabank’s commitment to ensuring a livable world for future generations by supporting environmental, economic, and social development since its inception, Mert Öncü commented on the report: “Sustainability is not only a priority in our bank’s activities but also a key criterion in shaping our strategies and decision-making processes. We integrate sustainability into our banking activities by considering all financial and non-financial risks, including economic, environmental, social, and governance factors. Odeabank has been dedicated to creating a positive impact by emphasizing sustainability in its activities since day one, aiming to develop projects that provide value for all stakeholders and set the bank apart from its competitors.

We Do Not Approve Loans That Negatively Impact the Environment

Emphasizing that the repercussions of the COVID-19 pandemic continued to affect the entire world in 2021, Mert Öncü stated: “The climate crisis threatening our planet, along with the COVID-19 pandemic that emerged in 2019, has had profound social and environmental impacts, heightening our collective awareness. At Odeabank, driven by this heightened awareness, we have maintained strong financial performance through our robust capital structure and high liquidity, while also accelerating our sustainability efforts. Beyond our direct environmental impact, we also consider the environmental and social effects of the activities financed by our bank. To that end, we do not finance any activities that could harm the environment, in line with our ‘Environmental and Social Policy.’ This policy is guided by the list of environmentally harmful activities identified by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).”

“Our Efforts Have Prevented 1,150 Metric Tons of Carbon Emissions”

Emphasizing their commitment to combating global climate change, a crucial aspect of sustainability, Mert Öncü stated: “At Odeabank, we approach sustainability comprehensively, addressing its environmental, social, and economic dimensions in both our operations and the activities we support through financing. We view sustainability as encompassing much more than just minimizing the negative effects of climate change and protecting the environment. Accordingly, we focus on reducing greenhouse gas emissions from energy consumption and undertake projects to enhance energy efficiency. Since launching our Energy Management Platform in 2016, we have been able to monitor our branches’ energy consumption in real time, implement improvement measures, and achieve significant energy savings. Since the launch of the platform, we have saved 2,597,517 kWh of energy, preventing 1,150 metric tons of carbon emissions. Each year, we are reducing our hazardous waste, particularly paper waste, as well as non-hazardous waste like medical waste. At Odeabank, we aim to reduce our carbon footprint by sourcing the energy needed for our operations from renewable sources.

We Are a Bank That Champions Equality in All Areas

Highlighting that the principle of equality in all areas is central to Odeabank’s sustainable activities, Öncü shared insights about the bank’s social initiatives: “In our social endeavors, we prioritize valuing our employees and creating a positive impact on their lives.” We consider our experienced, growth-oriented human resources and the diversity within our organization to be our core values. In addition to achieving a 57 percent female-employee ratio within the bank, we are actively working to increase women’s participation in the workforce to meet our gender equality goals. We consider it our primary responsibility to provide a fair and safe working environment for our employees, create value for all of society, and prepare for an ‘equal tomorrow’ starting from today. Through the ‘Fair Tales’ project, a social responsibility initiative highlighting our commitment to gender equality, we reimagined classic tales from an equality perspective, effectively raising societal awareness. By the end of 2021, we had distributed nearly 400,000 ‘Fair Tales’ books to 348 schools, including 81 village schools, and to all children who requested them. We continue to provide books to schools and children. This project has also earned us many awards. After successfully breaking stereotypical gender norms, Fair Tales was also adapted into a children’s play in 2021. Fair Tales premiered at the 25th Istanbul Theater Festival, organized by the Istanbul Foundation for Culture and Arts (İKSV), at Alan Kadıköy. By the end of 2021, we had reached over 3,000 children with 10 performances. During our Turkey tour in 2022, we brought the play to over 4,000 children and will continue to expand its reach. Aligned with our commitment to equality, we acknowledge that women's participation in the workforce is essential for accelerating sustainable development. We signed the Women's Empowerment Principles (WEPs), a global initiative by the United Nations designed to ensure equal participation of women in the labor market. Odeabank is more than a financial institution; it strives to achieve ‘more than meets the eye’ on a social scale.”

“We Will Keep Sustainability at the Center of Our Business Model”

Öncü highlighted that Odeabank is continually expanding its range of products and services accessible through digital channels, ensuring they are readily available to customers. He stated, “We are dedicated to implementing sustainable and innovative solutions across all areas of life. We have established a ‘phygital’ road map, combining the convenience of digitalization with the human touch. Combining our physical and digital experiences, we strive to deliver next-generation services to our customers through a phygital banking approach. Our goal is to become the leading ‘phygital’ bank in Türkiye and the region by seamlessly integrating our digital expertise with our physical services. We will keep sustainability at the center of our business model in all our activities.”