{"id":565778,"date":"2021-05-04T13:36:42","date_gmt":"2021-05-04T13:36:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/blom-bank-is-one-step-closer-to-leaving-egypt\/"},"modified":"2021-05-04T13:36:42","modified_gmt":"2021-05-04T13:36:42","slug":"blom-bank-is-one-step-closer-to-leaving-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/blom-bank-is-one-step-closer-to-leaving-egypt\/","title":{"rendered":"Blom Bank is one step closer to leaving Egypt"},"content":{"rendered":"

<\/a> The acquisition of Blom Bank Egypt by Bahrain\u2019s Bank ABC will get <\/strong>approval from the Central Bank of Egypt (CBE) in the coming weeks<\/strong>, Al Mal<\/a> reports, citing an unnamed source with direct knowledge of the transaction. The two banks are expected to finalize the sale in 2Q2021, after Bahrain and Lebanon\u2019s central banks gave the green light to the transaction<\/a> in March, the source said. The sale<\/a> includes Blom\u2019s physical and non-physical assets and customer accounts, marking the first of two anticipated exits by Lebanese banks, with Bank Audi due to finish transferring its Egypt assets to First Abu Dhabi Bank next year<\/a>.<\/p>\n

Background:<\/strong> Bank ABC reached an agreement to purchase the 99.42% stake in Blom Egypt 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. Meanwhile, the National Bank of Greece (NBG) is set to terminate its activities<\/a> in Egyptian market after years<\/a> of unsuccessful attempts to divest its portfolio here.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 and Lebanon\u2019s central banks gave […]<\/p>\n","protected":false},"author":1,"featured_media":565779,"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":[10125],"tags":[2154,2037,204,3401,271,633,108,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-banking","tag-bank-abc","tag-bank-audi","tag-banking","tag-blom-bank","tag-central-bank-of-egypt","tag-enterprisepm","tag-lebanon","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"df20d722-96bc-49f0-83a4-99289f2a3574","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/295.jpg","photo_position":"above","related_issue":[565772],"teaser":"","voice_url":""},"yoast_head":"\nBlom Bank is one step closer to leaving 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\/05\/04\/blom-bank-is-one-step-closer-to-leaving-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blom Bank is one step closer to leaving Egypt\" \/>\n<meta property=\"og:description\" content=\"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 and Lebanon\u2019s central banks gave […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/blom-bank-is-one-step-closer-to-leaving-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-04T13:36:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/295.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\/05\/04\/blom-bank-is-one-step-closer-to-leaving-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/blom-bank-is-one-step-closer-to-leaving-egypt\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Blom Bank is one step closer to leaving Egypt\",\"datePublished\":\"2021-05-04T13:36:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/blom-bank-is-one-step-closer-to-leaving-egypt\/\"},\"wordCount\":217,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/blom-bank-is-one-step-closer-to-leaving-egypt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/295.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bank ABC\",\"Bank Audi\",\"banking\",\"Blom Bank\",\"Central Bank of Egypt\",\"EnterprisePM\",\"Lebanon\",\"M&A Watch\"],\"articleSection\":[\"SPEED ROUND: BANKING\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/blom-bank-is-one-step-closer-to-leaving-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/blom-bank-is-one-step-closer-to-leaving-egypt\/\",\"name\":\"Blom Bank is one step closer to leaving 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":563725,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/bank-abc-launches-blom-mto\/","url_meta":{"origin":565778,"position":1},"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":574129,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/","url_meta":{"origin":565778,"position":2},"title":"Bank ABC enters race to acquire Blom Bank\u2019s Egypt assets","author":"enterpriseam admin","date":"31 August 2020","format":false,"excerpt":"M&A WATCH- The GCC scramble for Lebanese banks continues as Bank ABC enters race for Blom Bank\u2019s Egypt assets: Bahrain\u2019s Arab Banking Corporation (Bank ABC) is reportedly competing with Emirates NBD to acquire Blom Bank\u2019s Egypt assets, Hapi Journal reports, citing sources close to the talks. Bank ABC is interested\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\/8\/253.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":565778,"position":3},"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":563796,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/regulator-approves-bank-abcs-egp-6-7-bn-blom-mto\/","url_meta":{"origin":565778,"position":4},"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. 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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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565778","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=565778"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565778\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565772"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565779"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565778"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565778"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}