Lebanon’s Blom Bank considering sale of Egypt unit

Lebanon’s Blom Bank considering sale of Egypt unit

CAIRO/DUBAI  - Lebanon's Blom Bank said on Tuesday it was looking to sell its subsidiary Blom Bank Egypt, and that the Egyptian central bank had given approval to begin the due diligence process.Blom has hired CI Capital to advise on a sale that could fetch $250 million to $300 million as the Lebanese lender tries to boost its capital, two sources familiar with the deal said.Blom has also approached potential bidders including Dubai's biggest bank Emirates NBD, the sources said.Lebanese banks are trying to strengthen their finances as the country endures its worst financial crisis since the civil war. However, any sale would have to be approved by the Blom board of directors, Blom said, without providing details about potential bidders.Emirates NBD declined to comment, while CI Capital did not