The launch is a natural extension of OnDeck's partnership efforts with banks which began three years ago. ODX is likely to help OnDeck crystallize value in its SaaS business and credit analytics by potentially attracting strategic interest in equity..

The December quarter results came in marginally better than consensus. The sources of positive surprise to earnings include higher-than-expected yields on CPI-linkers, NPL reversals and somewhat better-than expected F&CI. However, full year results have demonstrated yet again that Turkish banks continue to struggle to grow earnings with profits falling two years in a row.

Akbank, Garanti and TSKB top the equity valuation tables with price to book multiples above 1x. (2015). The remaining banks are trading at least 20% below book. Halkbank's current valuation implies excessively high cost of equity, which is out of sync with its peers.