Cairo – Mubasher: Bahrain's Bank ABC has entered into exclusive negotiations with Lebanon’s Blom Bank to acquire its unit in Egypt.

“These discussions are to negotiate definitive transaction agreements and facilitate the required regulatory approvals, and there is still no certainty that a transaction will be completed,” the bank said in a statement to Bahrain Bourse on Wednesday.

Blom Bank Egypt, which started its operations in 2005, has a paid-up capital of EGP 2 billion ($126 million) and operates 41 branches.

The Bahraini lender was competing with Emirates NBD which previously said in it is preliminary discussions to acquire the Lebanese bank’s unit in Egypt.