Bank ABC to acquire Blom Bank Egypt

Bank ABC to acquire Blom Bank Egypt

Arab Banking Corporation (B.S.C.) (Bank ABC) is pleased to announce that it has entered into an agreement with Blom Bank S.A.L. (Blom Bank Lebanon) on Friday 15 January 2021, to acquire its 99.4% stake of Blom Bank Egypt S.A.E. (Blom Bank Egypt).



Completion of the acquisition is subject to a number of conditions and approvals including regulatory approvals in Bahrain, Egypt and Lebanon. The acquisition is expected to complete in Q2 2021, and a further announcement will be made at that time.



The proposed cash consideration to be offered by Bank ABC for 100% of Blom Bank Egypt under the acquisition is EGP 6,700 million.

Strategic highlights

Bank ABC undertakes a significant level of business in Egypt, which is a key strategic market for ABC, having established its presence through the acquisition of Egypt Arab African Bank in 1999. It currently operates through Bank ABC in Egypt, which is spread across 27 branches in the country. Blom Bank Egypt will contribute to upscale Bank ABC's Egyptian footprint, which is fully aligned with Bank ABC's strategy 'to be MENA's leading international bank'.

The acquisition will contribute to:

Reposition Bank ABC's Egyptian franchise amongst the top 20 banks in Egypt, delivering