{"id":559279,"date":"2021-01-17T03:52:01","date_gmt":"2021-01-17T03:52:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/"},"modified":"2021-01-17T03:52:01","modified_gmt":"2021-01-17T03:52:01","slug":"bank-abc-wins-bid-for-blom-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/","title":{"rendered":"Bank ABC wins bid for Blom Egypt"},"content":{"rendered":"

<\/a> Bahrain\u2019s Bank ABC will purchase the Egypt unit of Lebanon\u2019s Blom Bank for <\/strong>USD 480 mn<\/strong> in a transaction that includes the bank\u2019s physical and non-physical assets and customer accounts, Reuters<\/a> reports, citing unnamed banking sources. The Bahraini bank already has a presence in Egypt with Bank ABC Egypt, in which it owns a 93% stake, according to its website.<\/p>\n

Five months in the making:<\/strong> Rumors that Bank ABC was interested in Blom hit the local press<\/a> in August, just a couple of weeks after the Lebanese bank confirmed that it was looking to leave Egypt<\/a>. After several months of speculation about whether fellow GCC lender Emirates NBD would compete for the acquisition<\/a>, ABC said<\/a> in December that it was in exclusive talks to acquire the Lebanese bank\u2019s 99.42% share in its Egypt business.<\/p>\n

Keep an eye out for:<\/strong> First Abu Dhabi Bank\u2019s potential USD 700 mn<\/a> acquisition of Bank Audi Egypt, which has been in the works since the two resumed negotiations in September<\/a> that had been stalled because of covid-19.<\/p>\n

Made in Lebanon: <\/strong>Both Blom and Bank Audi are exiting Egypt due to a near-collapse of the Lebanese financial system. Years of reckless lending left the banking sector paralysed after protests in late 2019 triggered a run on the LBP and capital flight.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bahrain\u2019s Bank ABC will purchase the Egypt unit of Lebanon\u2019s Blom Bank for USD 480 mn in a transaction that includes the bank\u2019s physical and non-physical assets and customer accounts, Reuters reports, citing unnamed banking sources. The Bahraini bank already has a presence in Egypt with Bank ABC Egypt, in which it owns a 93% […]<\/p>\n","protected":false},"author":1,"featured_media":559280,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[473,2154,204,3401,72,108,7128,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-bahrain","tag-bank-abc","tag-banking","tag-blom-bank","tag-enterpriseam","tag-lebanon","tag-ma-watch","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"d079558b-7059-4023-ac16-df3bdf37f46e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/184.jpg","photo_position":"above","related_issue":[559275],"teaser":"","voice_url":""},"yoast_head":"\nBank ABC wins bid for Blom Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank ABC wins bid for Blom Egypt\" \/>\n<meta property=\"og:description\" content=\"Bahrain\u2019s Bank ABC will purchase the Egypt unit of Lebanon\u2019s Blom Bank for USD 480 mn in a transaction that includes the bank\u2019s physical and non-physical assets and customer accounts, Reuters reports, citing unnamed banking sources. The Bahraini bank already has a presence in Egypt with Bank ABC Egypt, in which it owns a 93% […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-17T03:52:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/184.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Bank ABC wins bid for Blom Egypt\",\"datePublished\":\"2021-01-17T03:52:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/\"},\"wordCount\":222,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/184.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bahrain\",\"Bank ABC\",\"banking\",\"Blom Bank\",\"EnterpriseAM\",\"Lebanon\",\"M&A Watch\",\"real estate\",\"SODIC\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/\",\"name\":\"Bank ABC wins bid for Blom Egypt - 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ABC still needs to get the OK from the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576290,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/18\/bank-abc-confirms-its-still-in-for-blom-bank-egypt\/","url_meta":{"origin":559279,"position":1},"title":"Bank ABC confirms it\u2019s still in for Blom Bank Egypt","author":"enterpriseam admin","date":"18 November 2020","format":false,"excerpt":"M&A WATCH- Bank ABC is pushing forward with Blom Bank Egypt acquisition talks: The Arab Banking Corporation (Bank ABC) has confirmed it\u2019s still in talks with Lebanon\u2019s Blom Bank to acquire its Egypt branch, but added the standard disclaimer that \u201cthere is no certainty that any transaction will be completed,\u201d\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565778,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/blom-bank-is-one-step-closer-to-leaving-egypt\/","url_meta":{"origin":559279,"position":2},"title":"Blom Bank is one step closer to leaving Egypt","author":"enterpriseam admin","date":"4 May 2021","format":false,"excerpt":"The acquisition of Blom Bank Egypt by Bahrain\u2019s Bank ABC will get approval from the Central Bank of Egypt (CBE) in the coming weeks, Al Mal reports, citing an unnamed source with direct knowledge of the transaction. The two banks are expected to finalize the sale in 2Q2021, after Bahrain\u2026","rel":"","context":"In "SPEED ROUND: BANKING"","block_context":{"text":"SPEED ROUND: BANKING","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/295.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563725,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/bank-abc-launches-blom-mto\/","url_meta":{"origin":559279,"position":3},"title":"Bank ABC launches Blom MTO","author":"enterpriseam admin","date":"14 July 2021","format":false,"excerpt":"Bahrain\u2019s Bank ABC has submitted a mandatory tender offer to acquire up to 100% of Blom Bank Egypt, the Financial Regulatory Authority (FRA) said (pdf) yesterday. The transaction would see the Gulf lender purchase up to 300 mn shares in Blom Egypt at EGP 22.33 apiece, valuing the business at\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/198.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574168,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/01\/bank-abc-asks-central-bank-to-start-due-diligence-on-blom-bank-egypt\/","url_meta":{"origin":559279,"position":4},"title":"Bank ABC asks central bank to start due diligence on Blom Bank Egypt","author":"enterpriseam admin","date":"1 September 2020","format":false,"excerpt":"M&A WATCH- Bank ABC asks CBE for green light to start due diligence on Blom Bank: Bahrain\u2019s Arab Banking Corporation (Bank ABC) has submitted a request to conduct due diligence on Blom Bank\u2019s Egypt assets ahead of a potential acquisition, Hapi Journal reports. Bank ABC is in the running to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564109,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/blom-bank-egypt-shareholders-agree-to-sell-99-5-to-bank-abc\/","url_meta":{"origin":559279,"position":5},"title":"Blom Bank Egypt shareholders agree to sell 99.5% to Bank ABC","author":"enterpriseam admin","date":"9 August 2021","format":false,"excerpt":"Shareholders of Blom Bank Egypt have agreed to sell a 99.5% stake in the bank to Bahrain\u2019s Bank ABC in a mandatory tender offer (MTO), the EGX said in a statement (pdf) this morning. The shareholders sold 298.62 mn of Blom Bank Egypt\u2019s 300 mn shares to the Gulf lender\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/392.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=559279"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559279\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559275"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559280"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559279"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559279"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}