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Bahrain's Bank ABC completes acquisition of Blom Bank Egypt for $480m

Bahrain's Bank ABC completes acquisition of Blom Bank Egypt for $480m
All physical and non-physical assets and customer accounts are included in the deal
Bank ABC
ABC
0.00% 0.29 0.00
Blom Bank
BLOM
-1.20% 9.50 -0.10

Mubasher: Bahrain's Arab Banking Corporation (Bank ABC) finalised the acquisition of Blom Bank’s unit in Egypt for $480 million, two banking sources told Reuters on Thursday.

All physical and non-physical assets and customer accounts are included in the deal, the sources added.

In September, the Bahraini lender said that it was in talks with Blom Bank to acquire its subsidiary in Egypt.