Arab News, Tuesday, Jan 19, 2021 | Jamadi Al Thani 6, 1442
Bahrain’s Arab Banking Corporation buys BLOM Egypt
Bahrain:
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.