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