CAIRO: Bahrain’s Arab Banking Corporation (ABC) is to buy 99.4 percent of BLOM Bank’s Egypt subsidiary, subject to regulatory approvals in both countries, with the deal likely to be finalized in the first half of this year.
“This deal will enable BLOM Bank S.A.L. to comply with the Lebanese Central Bank requirement of all banks operating in Lebanon to increase their capital by 20 percent,” Saad Azhari, chairman and general manager of BLOM Group, was quoted as saying.
Khaled Kawan, CEO of Bank ABC Group, said: “This step will provide us with a well-established banking platform that enjoys great prestige and has tremendous potential for future growth in one of the most appealing markets in the region. We have active and effective relationships with the various regulatory authorities concerned, and we will endeavor to obtain their approval to complete this transaction in accordance with the established rules and as quickly as possible."
Bank ABC first established its presence in Egypt through the acquisition of Misr Arab African Bank in 1999.