FRA approves Bank ABC s MTO for Blom Bank Egypt zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.
Bank ABC posts strong Q4 results; net profit hits $282m
MANAMA, February 19, 2021 Bahrain-based Arab Banking Corporation (Bank ABC) said it had recorded strong underlying operating performance in 2020 despite market factors resulting in a net profit of $282 million compared to $351 million in 2019. Announcing its results for the year ended December 31, 2020, Bank ABC said the year was like no other, impacted by unprecedented and deeply challenging conditions. The group had a strong start to the year supported by a robust balance sheet, good client transaction pipeline and a clear plan for growth driven by our digital agenda and wholesale bank transformation, it stated.
Le libanais Blom Bank cède sa filiale égyptienne à Bank ABC agenceecofin.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from agenceecofin.com Daily Mail and Mail on Sunday newspapers.
Monday, 18 January, 2021 - 10:00
Image used for illustrative purpose. People are seen in front of Blom bank in the Fifth Settlement districts of New Cairo. REUTERS/Amr Dalsh Manama - Asharq Al-Awsat
Bahrain-based Arab Banking Corporation (Bank ABC) announced signing an agreement with Lebanon’s Blom Bank on Friday to acquire 99.42 percent of the issued share capital of Blom Bank Egypt.
The acquisition process is subject to a number of conditions and approvals including regulatory approvals in Bahrain, Egypt and Lebanon. It is expected to be completed in Q2 2021.
The proposed cash consideration to be offered by Bank ABC for 100 percent of Blom Bank Egypt under the acquisition is EGP6,700 million ($428 million).
Bank ABC to acquire Blom Bank Egypt
MANAMA, January 17, 2021 Bahrain-based Arab Banking Corporation (Bank ABC), a leading financial institution in the Middle East, said that it has entered into an agreement with Blom Bank Lebanon to acquire its 99.4% stake of Blom Bank Egypt. The proposed cash consideration to be offered by Bank ABC for 100% of Blom Bank Egypt under the acquisition is EGP6.700 million ($427 million). The acquisition, subject to regulatory approvals in Bahrain, Egypt and Lebanon, is expected to complete in the second quarter (Q2) of 2021. The acquisition will contribute to: • Reposition Bank ABC s Egyptian franchise amongst the top 20 banks in Egypt, delivering significantly greater scale and a more efficient platform