The Arab Banking Corporation (Bank ABC) announced on Thursday August 12 that it had completed the acquisition of 99.5% of the shares of BlomBank Egypt, a subsidiary of the Lebanese bank of the same name, as part of the strengthening of its presence in the Middle East. East and North Africa.
This transaction, valued at $ 425 million, has obtained regulatory approval from the Egyptian Financial Regulatory Authority (FRA). However, the Egyptian branches of Bank ABC and BLOM Bank will continue to operate independently until the completion of the legal merger process, scheduled for the first quarter of 2022.
Once completed, this acquisition will more than triple Bank ABC’s share of the Egyptian market and bring the group’s asset base to nearly 60 billion EGP (3.8 billion USD). The transaction helps strengthen Bank ABC’s capacity to provide services in the region and open up the Egyptian market to the group’s clients.
“The acquisition of BLOM Bank Egypt is an important step in Bank ABC’s journey. For several years, we have been looking for a suitable opportunity to consolidate our position as a leading international bank in the Middle East and North Africa region, and this dimension has been achieved ”, said Khaled Kawan, CEO of Bank ABC.
For his part, Saad Azhari, CEO of BLOM Bank Lebanon, said that “BLOM Bank Egypt has achieved strong returns for our group, and we are confident that he will continue his path of success by joining Bank ABC”.
Founded in 1980 in Bahrain, Bank ABC is present on four continents through an extensive network of subsidiaries, branches and representative offices, particularly in the Middle East and North Africa (MENA) region, Europe and Asia. and the Americas.