{"id":563796,"date":"2021-07-25T04:00:22","date_gmt":"2021-07-25T04:00:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/regulator-approves-bank-abcs-egp-6-7-bn-blom-mto\/"},"modified":"2021-07-25T04:00:22","modified_gmt":"2021-07-25T04:00:22","slug":"regulator-approves-bank-abcs-egp-6-7-bn-blom-mto","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/regulator-approves-bank-abcs-egp-6-7-bn-blom-mto\/","title":{"rendered":"Regulator approves Bank ABC\u2019s EGP 6.7 bn Blom MTO"},"content":{"rendered":"

<\/a> The Financial Regulatory Authority approved Bank ABC\u2019s mandatory tender offer to <\/strong>purchase Blom Bank Egypt<\/strong>, bringing the Bahraini lender one step closer to acquiring the Lebanese bank\u2019s Egypt assets<\/a>, the regulator said in a statement (pdf)<\/a> last week. The transaction would see the Gulf lender purchase up to 100% of Blom Egypt at EGP 22.33 a share, valuing the business at USD 427 mn (EGP 6.7 bn).<\/p>\n

Bank ABC <\/strong>submitted its MTO on<\/a><\/strong>13<\/a><\/strong>July<\/a><\/strong>, and will be obliged to pay the purchase price in USD at the exchange rate stated by the CBE during the seven days preceding the FRA\u2019s approval on the MTO. The Lebanese and Bahraini central banks approved the transaction<\/a> earlier this year, but we have yet to hear anything from the Central Bank of Egypt regarding the sale.<\/p>\n

Bank ABC reached an agreement to purchase Blom\u2019s Egypt unit <\/strong>in January this year<\/a><\/strong> 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 through its 93% stake in Bank ABC Egypt. 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":"

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 Blom Egypt at EGP 22.33 […]<\/p>\n","protected":false},"author":1,"featured_media":563797,"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":[473,2154,3401,72,108,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-bahrain","tag-bank-abc","tag-blom-bank","tag-enterpriseam","tag-lebanon","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"511ea1c2-3ad6-446a-bcb2-5147b5743df1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/224.jpg","photo_position":"above","related_issue":[563790],"teaser":"","voice_url":""},"yoast_head":"\nRegulator approves Bank ABC\u2019s EGP 6.7 bn 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\/25\/regulator-approves-bank-abcs-egp-6-7-bn-blom-mto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regulator approves Bank ABC\u2019s EGP 6.7 bn Blom MTO\" \/>\n<meta property=\"og:description\" content=\"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 Blom Egypt at EGP 22.33 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/regulator-approves-bank-abcs-egp-6-7-bn-blom-mto\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-25T04:00:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/224.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\/25\/regulator-approves-bank-abcs-egp-6-7-bn-blom-mto\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/regulator-approves-bank-abcs-egp-6-7-bn-blom-mto\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Regulator approves Bank ABC\u2019s EGP 6.7 bn Blom MTO\",\"datePublished\":\"2021-07-25T04:00:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/regulator-approves-bank-abcs-egp-6-7-bn-blom-mto\/\"},\"wordCount\":254,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/regulator-approves-bank-abcs-egp-6-7-bn-blom-mto\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/224.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bahrain\",\"Bank ABC\",\"Blom Bank\",\"EnterpriseAM\",\"Lebanon\",\"M&A Watch\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/regulator-approves-bank-abcs-egp-6-7-bn-blom-mto\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/regulator-approves-bank-abcs-egp-6-7-bn-blom-mto\/\",\"name\":\"Regulator approves Bank ABC\u2019s EGP 6.7 bn Blom MTO - 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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":564109,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/blom-bank-egypt-shareholders-agree-to-sell-99-5-to-bank-abc\/","url_meta":{"origin":563796,"position":1},"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":[]},{"id":578606,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/","url_meta":{"origin":563796,"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":563796,"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":574910,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/bank-abc-begins-due-diligence-on-blom-bank-egypt\/","url_meta":{"origin":563796,"position":4},"title":"Bank ABC begins due diligence on Blom Bank Egypt","author":"enterpriseam admin","date":"27 September 2020","format":false,"excerpt":"M&A WATCH- Bank ABC starts due diligence on Blom Bank Egypt: The Arab Banking Corporation (ABC) has begun due diligence on Blom Bank Egypt ahead of a submitting an offer to acquire the Lebanese bank\u2019s Egypt assets, Al Shorouk reports, citing unnamed sources familiar with the matter. Bank ABC had\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":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":563796,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563796","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=563796"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563796\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563790"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/563797"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563796"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563796"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}