$427 million.. the value of the sale of BLOM Bank Egypt to Bahrain
The Central Bank of Egypt issued its final decision for the acquisition of Blom Bank Egypt by Bank ABC, and the merger of Blom Bank’s business under the Arab Banking Corporation.
Shrouq
Bahrain's Arab Banking Corporation (ABC) has completed the acquisition of BLOM Bank Egypt, after two years of negotiations.
Talks about selling Blom Bank Egypt to investors began in early 2020.
Reports were raised that there were Saudi and Emirati banks negotiating with the Lebanese Bank to buy its business in Egypt, before the start of the sale deal in favor of the Bahraini Bank ABC was announced.
Sale of Blom Bank Egypt to Bank ABC of Bahrain
On Monday, February 20, 2023, the Central Bank of Egypt issued its final decision for the acquisition of Blom Bank Egypt by Bank ABC, and the merger of Blom Bank’s business under the Arab Banking Corporation.
The Central Bank of Egypt confirmed that it guarantees the rights of the workers in Blom Bank Egypt after the acquisition deal, and it also agreed to delete the registration of Blom Bank from the bank registry with the Central Bank.
Saudi and Emirati banks entered the line to buy Blom Egypt
On 4November 2020, talk began about selling Blom Bank Egypt to foreign investors, but the managing director of Blom Bank Egypt at that time, Mohamed Ozalp, said that the bank continues to operate in the Egyptian market, and that he has no intention of exiting and selling the bank to Saudi or Emirati banks.
At the time, there were press reports that Bloom, which owns 39 branches in the governorates of Egypt, with a capital of 2 billion pounds, had received an offer from a major Saudi bank, and that the offer was being studied.
$427 million.. value of the sale of Blom Bank
In January 2021, “ABC Bank” announced the signing of an agreement with “Bloom” to acquire its 99.4% stake in “Bloom Egypt”, for EGP 6.7 billion, equivalent to $427 million, at the time, subject to approval by the Central Bank. The Egyptian and the Lebanese “Central”.
On 11August 2022, the managing director and CEO of Blom Bank Egypt, Mohamed Ozalp, told Egyptian newspapers that the final legal procedures for Bank ABC’s acquisition of Blom Bank Egypt will end in late 2022, along with the internal and digital restructuring process, after which the name of Blom Bank will be changed to Bank ABC.
