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