{"id":563725,"date":"2021-07-14T04:00:12","date_gmt":"2021-07-14T04:00:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/bank-abc-launches-blom-mto\/"},"modified":"2021-07-14T04:00:12","modified_gmt":"2021-07-14T04:00:12","slug":"bank-abc-launches-blom-mto","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/bank-abc-launches-blom-mto\/","title":{"rendered":"Bank ABC launches Blom MTO"},"content":{"rendered":"

<\/a> Bahrain\u2019s Bank ABC has submitted a mandatory tender offer to acquire up to 100% of <\/strong>Blom Bank Egypt<\/strong>, the Financial Regulatory Authority (FRA) said (pdf)<\/a> 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 USD 427 mn (EGP 6.7 bn). <\/sup>Bank ABC must pay the amount in USD at the exchange rate stated by the CBE during the seven days preceding the FRA\u2019s approval on the MTO, the statement said. The purchase<\/a> includes the bank\u2019s physical and non-physical assets, and customer accounts.<\/p>\n

When could Bank ABC finalize its acquisition of Blom Bank?<\/strong> This depends on when the FRA and the Central Bank of Egypt give the all-clear to the sale. Both the Lebanese and Bahraini central banks reportedly approved the transaction in March<\/a>. A report in the local Egyptian press in May suggested that CBE approval was weeks away, potentially allowing the transaction to be finalized in the second quarter<\/a>. Now in 3Q, we\u2019re still yet to hear anything from the CBE.<\/p>\n

A refresher: <\/strong>Bank ABC reached an agreement to purchase Blom\u2019s Egypt unit in January this year<\/a> following several months of speculation about whether fellow GCC lender Emirates NBD would compete<\/a> for the acquisition. ABC already has a presence in Egypt with Bank ABC Egypt, in which it owns a 93% stake. Blom and Bank Audi are both leaving Egypt as they cope with fallout from a severe financial crisis in their home market of Lebanon, with Bank Audi due to finish transferring its Egypt assets to First Abu Dhabi Bank next year<\/a>. The National Bank of Greece (NBG) is also set to terminate its activities in the Egyptian market<\/a> after years<\/a> of unsuccessful attempts to divest its portfolio here.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 USD 427 mn (EGP 6.7 […]<\/p>\n","protected":false},"author":1,"featured_media":563726,"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":[2154,2037,204,3401,1060,72,76,882,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-bank-abc","tag-bank-audi","tag-banking","tag-blom-bank","tag-emirates-nbd","tag-enterpriseam","tag-financial-regulatory-authority","tag-first-abu-dhabi-bank","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"e4774254-3f3f-4ace-a146-36ec5de1e8e2","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/198.jpg","photo_position":"above","related_issue":[563721],"teaser":"","voice_url":""},"yoast_head":"\nBank ABC launches Blom MTO - 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\/07\/14\/bank-abc-launches-blom-mto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank ABC launches Blom MTO\" \/>\n<meta property=\"og:description\" content=\"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 USD 427 mn (EGP 6.7 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/bank-abc-launches-blom-mto\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-14T04:00:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/198.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\/07\/14\/bank-abc-launches-blom-mto\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/bank-abc-launches-blom-mto\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Bank ABC launches Blom MTO\",\"datePublished\":\"2021-07-14T04:00:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/bank-abc-launches-blom-mto\/\"},\"wordCount\":301,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/bank-abc-launches-blom-mto\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/198.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bank ABC\",\"Bank Audi\",\"banking\",\"Blom Bank\",\"Emirates NBD\",\"EnterpriseAM\",\"Financial Regulatory Authority\",\"First Abu Dhabi Bank\",\"M&A Watch\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/bank-abc-launches-blom-mto\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/bank-abc-launches-blom-mto\/\",\"name\":\"Bank ABC launches Blom MTO - 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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":[]},{"id":563796,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/regulator-approves-bank-abcs-egp-6-7-bn-blom-mto\/","url_meta":{"origin":563725,"position":1},"title":"Regulator approves Bank ABC\u2019s EGP 6.7 bn Blom MTO","author":"enterpriseam admin","date":"25 July 2021","format":false,"excerpt":"The Financial Regulatory Authority approved Bank ABC\u2019s mandatory tender offer to purchase Blom Bank Egypt, bringing the Bahraini lender one step closer to acquiring the Lebanese bank\u2019s Egypt assets, the regulator said in a statement (pdf) last week. The transaction would see the Gulf lender purchase up to 100% of\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\/224.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578606,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/","url_meta":{"origin":563725,"position":2},"title":"Bank ABC and Blom Bank Egypt are now one","author":"enterpriseam admin","date":"5 January 2023","format":false,"excerpt":"Bank ABC and Blom Bank Egypt are now a single entity: Bahrain\u2019s Bank ABC has completed the legal merger of Bank ABC Egypt and Blom Bank Egypt, following its acquisition of 99.5% of Blom Bank Egypt, the buyer said in a statement yesterday.This has been at least two years 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\/2023\/1\/92.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559320,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/and-scene-act-i-of-the-great-lebanese-bank-sell-off\/","url_meta":{"origin":563725,"position":3},"title":"And, scene: Act I of the Great Lebanese Bank Sell Off","author":"enterpriseam admin","date":"18 January 2021","format":false,"excerpt":"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\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\/201.jpg?fit=%2C&ssl=1&resize=350%2C200","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":563725,"position":4},"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":576290,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/18\/bank-abc-confirms-its-still-in-for-blom-bank-egypt\/","url_meta":{"origin":563725,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563725","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=563725"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563725\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/563726"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563725"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563725"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}