{"id":559522,"date":"2021-01-25T04:01:12","date_gmt":"2021-01-25T04:01:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/25\/bank-abc-isnt-yet-buying-bloms-ins-arm\/"},"modified":"2021-01-25T04:01:12","modified_gmt":"2021-01-25T04:01:12","slug":"bank-abc-isnt-yet-buying-bloms-ins-arm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/25\/bank-abc-isnt-yet-buying-bloms-ins-arm\/","title":{"rendered":"Bank ABC isn\u2019t yet buying Blom\u2019s ins. arm"},"content":{"rendered":"

<\/a> Bank ABC could be getting majority stakes in Blom Bank subsidiary <\/strong>Arope<\/a><\/strong>Ins. Egypt<\/a><\/strong>, Hapi Journal<\/a> reports, citing unnamed sources with knowledge of the matter. The Bahraini bank last week agreed to buy<\/a> Blom\u2019s Egypt banking unit for EGP 6.7 bn, and according to sources may also get its hands on its ins. operations as the Lebanese lender looks to exit Egypt.<\/p>\n

What\u2019s up for grabs?<\/strong> Sources say that Blom has agreed to sell ABC stakes in Egyptian insurers held by its subsidiary Arope Ins. Lebanon. Arope owns a 60% stake in Arope Egypt Property and Liability and an 80% stake in Arope Egypt Life.<\/p>\n

It won\u2019t be happening for a while though:<\/strong> The two banks agreed to open negotiations for the assets 18 months after the acquisition of Blom Bank Egypt is finalized.<\/p>\n

Why not do it all in one go?<\/strong> Blom Bank was apparently willing to offload its stakes in Arope Egypt in parallel with the sale of the bank, but ABC wants to reassess Arope\u2019s operations after 18 months before making a decision, the sources said. ABC also has exclusive rights to acquire the subsidiary for the next 18 months, meaning other buyers will only be able to bid if ABC opts out of the transaction.<\/p>\n

OTHER M&A NEWS- EFG Hermes is reportedly advising Suez Cement on the <\/strong>expected sale of its 51% stake in Kuwait\u2019s Hilal Cement<\/strong>, according to Hapi Journal<\/a>. An offer to offload the stake for some KWD 3 mn (c. EGP 156 mn) kicked off<\/a> on the Kuwaiti stock exchange yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank ABC could be getting majority stakes in Blom Bank subsidiary AropeIns. Egypt, Hapi Journal reports, citing unnamed sources with knowledge of the matter. The Bahraini bank last week agreed to buy Blom\u2019s Egypt banking unit for EGP 6.7 bn, and according to sources may also get its hands on its ins. operations as the […]<\/p>\n","protected":false},"author":1,"featured_media":559523,"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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559522","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","wpautop","entry"],"acf":{"mongo_id":"9a84032e-daf1-487c-bd7d-809c3eaec8bb","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/301.jpg","photo_position":"above","related_issue":[559516],"teaser":"","voice_url":""},"yoast_head":"\nBank ABC isn\u2019t yet buying Blom\u2019s ins. arm - 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\/25\/bank-abc-isnt-yet-buying-bloms-ins-arm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank ABC isn\u2019t yet buying Blom\u2019s ins. arm\" \/>\n<meta property=\"og:description\" content=\"Bank ABC could be getting majority stakes in Blom Bank subsidiary AropeIns. Egypt, Hapi Journal reports, citing unnamed sources with knowledge of the matter. The Bahraini bank last week agreed to buy Blom\u2019s Egypt banking unit for EGP 6.7 bn, and according to sources may also get its hands on its ins. operations as the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/25\/bank-abc-isnt-yet-buying-bloms-ins-arm\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-25T04:01:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/301.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\/25\/bank-abc-isnt-yet-buying-bloms-ins-arm\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/25\/bank-abc-isnt-yet-buying-bloms-ins-arm\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Bank ABC isn\u2019t yet buying Blom\u2019s ins. arm\",\"datePublished\":\"2021-01-25T04:01:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/25\/bank-abc-isnt-yet-buying-bloms-ins-arm\/\"},\"wordCount\":265,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/25\/bank-abc-isnt-yet-buying-bloms-ins-arm\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/301.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bahrain\",\"Bank ABC\",\"banking\",\"Blom Bank\",\"EnterpriseAM\",\"Lebanon\",\"M&A Watch\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/25\/bank-abc-isnt-yet-buying-bloms-ins-arm\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/25\/bank-abc-isnt-yet-buying-bloms-ins-arm\/\",\"name\":\"Bank ABC isn\u2019t yet buying Blom\u2019s ins. arm - 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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":565778,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/blom-bank-is-one-step-closer-to-leaving-egypt\/","url_meta":{"origin":559522,"position":1},"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":574255,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/unnamed-nbfs-firm-enters-race-for-blom-bank-egypt\/","url_meta":{"origin":559522,"position":2},"title":"Unnamed NBFS firm enters race for Blom Bank Egypt","author":"enterpriseam admin","date":"3 September 2020","format":false,"excerpt":"M&A WATCH- Competition for Blom Bank acquisition could heat up as third potential suitor enters the race: Another foreign financial institution is reportedly competing with Emirates NBD and Bahrain\u2019s Arab Banking Corporation (Bank ABC) to acquire Blom Bank Egypt, the local press reports, citing unnamed sources. But there\u2019s a hitch:\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\/2020\/9\/37.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575364,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/emirates-nbd-wraps-up-blom-egypt-due-diligence-abc-to-follow-next-week\/","url_meta":{"origin":559522,"position":3},"title":"Emirates NBD wraps up Blom Egypt due diligence, ABC to follow next week","author":"enterpriseam admin","date":"13 October 2020","format":false,"excerpt":"M&A WATCH- The race to acquire Blom Bank Egypt could be nearing its final stages: Two of the banks interested in bidding for Blom Bank\u2019s Egypt arm are reaching the end of the due diligence process and may start preparing offers as soon as next week, Hapi Journal reports, citing\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\/2020\/10\/124.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576246,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/emirates-nbd-denies-reports-it-has-exited-the-race-to-buy-bloms-egypt-arm\/","url_meta":{"origin":559522,"position":4},"title":"Emirates NBD denies reports it has exited the race to buy Blom\u2019s Egypt arm","author":"enterpriseam admin","date":"17 November 2020","format":false,"excerpt":"M&A WATCH- Emirates NBD denies reports it has exited the race to buy Blom\u2019s Egypt arm: Sources at Emirates NBD have rejected claims that it has pulled out of the race to acquire Blom Bank Egypt and said the bank will submit an offer in the coming days, Hapi Journal\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\/2020\/11\/179.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574428,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/09\/bahrains-bank-abc-confirms-early-talks-to-acquire-blom-bank-egypt\/","url_meta":{"origin":559522,"position":5},"title":"Bahrain\u2019s Bank ABC confirms early talks to acquire Blom Bank Egypt","author":"enterpriseam admin","date":"9 September 2020","format":false,"excerpt":"M&A WATCH- Bahrain\u2019s Bank ABC confirms early talks to acquire Blom Bank Egypt: Bahrain\u2019s Arab Banking Corporation (Bank ABC) has confirmed that it\u2019s engaged in talks to acquire the Egyptian business of Blom Bank, saying in a statement that the negotiations are still at early stages. \u201cSuch discussions are at\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559522","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=559522"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559522\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559516"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559523"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559522"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559522"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}