Bank ABC Expands Presence In Egyptian Market By Closing The Acquisition Of Blom Bank Egypt
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Bahrain s Bank ABC acquires 99 5% stake in Egyptian bank
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Le libanais Blom Bank cède sa filiale égyptienne à Bank ABC
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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).