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Bank ABC inks deal to acquire Blom Bank Egypt

Bank ABC inks deal to acquire Blom Bank Egypt
The acquisition is expected to be complete in the second quarter of 2021
Bank ABC
ABC
0.00% 0.33 0.00
Blom Bank
BLOM
-1.20% 9.50 -0.10

Mubasher: Bahrain's Arab Banking Corporation (Bank ABC) announced signing an agreement with Lebanon’s Blom Bank to acquire its 99.4% stake in Blom Bank Egypt.

The acquisition deal, subject to several conditions and approvals from regulatory entities in Bahrain, Egypt, and Lebanon, is expected to be complete in the second quarter (Q2) of 2021, the lender said in a statement to the Bahrain Bourse on Sunday.

The proposed cash consideration to be offered by Bank ABC for 100% of Blom Bank Egypt under the acquisition is EGP 6.700 billion.”

HSBC Bank Middle East acted as the sole financial advisor to Bank ABC, while Freshfields Bruckhaus Deringer and Zulficar & Partners were legal advisors.

CI Capital advised Blom Bank Lebanon on the deal, while Baker McKenzie acted as legal counsel.

On Thursday, two banking sources told Reuters that Bank ABC finalised the acquisition of Blom Bank’s unit in Egypt for $480 million.