{"id":559320,"date":"2021-01-18T03:30:04","date_gmt":"2021-01-18T03:30:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/and-scene-act-i-of-the-great-lebanese-bank-sell-off\/"},"modified":"2021-01-18T03:30:04","modified_gmt":"2021-01-18T03:30:04","slug":"and-scene-act-i-of-the-great-lebanese-bank-sell-off","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/and-scene-act-i-of-the-great-lebanese-bank-sell-off\/","title":{"rendered":"And, scene: Act I of the Great Lebanese Bank Sell Off"},"content":{"rendered":"

<\/a> M&A WATCH- It\u2019s official: Blom Bank is selling its Egypt arm to Bahrain\u2019s Bank ABC in an<\/strong> EGP 6.7 bn transaction<\/strong>, the two parties confirmed in a statement<\/a> yesterday after Reuters reported<\/a> last week that the sale was wrapping up. The two hope to close the sale by the end of 1H2021 after getting clearance from the Central Bank of Egypt and the Financial Regulatory Authority.<\/p>\n

Blom is pulling the pin on Egypt <\/strong>as Lebanese lenders face pressure to hike their equity by 20% to cope with recent market challenges in their home market.<\/p>\n

That\u2019s a 1.4x premium to book <\/strong>and implies a PE ratio of about eight, based on Blom Bank Egypt\u2019s September financials, EFG Hermes wrote in a note yesterday.<\/p>\n

Egypt is \u201cone of the most attractive markets in the region,\u201d <\/strong>said Bank ABC CEO Khaled Kawan. Bank ABC is acquiring the 99.4% of Blom Egypt held by Blom\u2019s Lebanese parent and will make a mandatory tender offer for the remaining 0.6%.<\/p>\n

How big will Bank ABC be post-transaction? <\/strong>The bank hopes to crack the ranks of the top 20, it said in a statement. It already offers commercial, retail and other banking and financial services in Egypt and runs a 27-branch network. Add Blom\u2019s 41 branches in Egypt and the new Bank ABC will have 68 points of presence nationwide.<\/p>\n

Bank ABC expects the transaction to wrap in 2Q2021, <\/strong>it said in a filing with Bourse Bahrain (pdf)<\/a>.<\/p>\n

DID YOU KNOW? <\/strong>The Olds among us will remember that Blom Bank was formerly known as Misr Romania Bank. Blom bought it back in 2006 when the Central Bank of Egypt drove a wave of consolidation in the banking industry. In the years since, the CBE has resolutely refused to issue new banking licenses, saying that any player \u2014 foreign or domestic \u2014 who passes the sniff test will need to buy into the sector through acquisition.<\/p>\n

WHO\u2019S NEXT? <\/strong>As we noted this yesterday: 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>.<\/p>\n

ADVISORS- <\/strong>HSBC is acting as sole financial advisor to Bank ABC, with Freshfields Bruckhaus Deringer and Zulficar & Partners acting as legal advisors. Blom Bank Lebanon was advised by CI Capital, while Baker McKenzie acted as legal counsel.<\/p>\n

OTHER M&A NEWS- The Financial Regulatory Authority has approved a mandatory<\/strong> tender offer for up to 90% of <\/strong>El Nasr for Manufacturing Agricultural Crops<\/strong> by a consortium of Al Raed for Agricultural Production and New Smart Construction Company, the regulator said in a filing (pdf)<\/a>. The consortium is targeting some 7 mn shares at EGP 45 apiece, giving the MTO a potential value of EGP 315 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- It\u2019s official: Blom Bank is selling its Egypt arm to Bahrain\u2019s Bank ABC in an EGP 6.7 bn transaction, the two parties confirmed in a statement yesterday after Reuters reported last week that the sale was wrapping up. The two hope to close the sale by the end of 1H2021 after getting clearance […]<\/p>\n","protected":false},"author":1,"featured_media":559321,"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":[2154,204,3401,72,108,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-bank-abc","tag-banking","tag-blom-bank","tag-enterpriseam","tag-lebanon","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"7f5950c1-ec0e-48cd-a605-1f1807efcbca","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/201.jpg","photo_position":"above","related_issue":[559314],"teaser":"","voice_url":""},"yoast_head":"\nAnd, scene: Act I of the Great Lebanese Bank Sell Off - 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\/18\/and-scene-act-i-of-the-great-lebanese-bank-sell-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"And, scene: Act I of the Great Lebanese Bank Sell Off\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- It\u2019s official: Blom Bank is selling its Egypt arm to Bahrain\u2019s Bank ABC in an EGP 6.7 bn transaction, the two parties confirmed in a statement yesterday after Reuters reported last week that the sale was wrapping up. 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Emirates NBD completed due diligence last week while Bank ABC is expected\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":576290,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/18\/bank-abc-confirms-its-still-in-for-blom-bank-egypt\/","url_meta":{"origin":559320,"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":559279,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/","url_meta":{"origin":559320,"position":2},"title":"Bank ABC wins bid for Blom Egypt","author":"enterpriseam admin","date":"17 January 2021","format":false,"excerpt":"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\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\/1\/184.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561041,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/bank-abc-is-within-arms-reach-of-blom-bank\/","url_meta":{"origin":559320,"position":3},"title":"Bank ABC is within arm\u2019s reach of Blom Bank","author":"enterpriseam admin","date":"23 March 2021","format":false,"excerpt":"Bahrain\u2019s Bank ABC is finalizing its acquisition of Lebanon\u2019s Blom Bank\u2019s Egypt arm after getting the green light from Bahrain and Lebanon\u2019s central banks, according to a report in Al Mal\u2019s print edition citing sources it says are in the know. 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":575830,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/28\/bank-abc-to-wrap-up-due-diligence-on-blom-bank-egypt-in-mid-november\/","url_meta":{"origin":559320,"position":4},"title":"Bank ABC to wrap up due diligence on Blom Bank Egypt in mid-November","author":"enterpriseam admin","date":"28 October 2020","format":false,"excerpt":"M&A WATCH- Bahrain\u2019s Arab Banking Corporation (Bank ABC) will wrap up due diligence on Blom Bank Egypt in mid-November, ahead of a potential offer to acquire the Lebanese bank\u2019s Egypt assets, Masrawy reports, citing banking sources. Blom has reportedly nudged Bank ABC to complete the process and present an offer\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":559320,"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\/559320","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=559320"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559320\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559314"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559321"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559320"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559320"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}