{"id":567688,"date":"2020-12-03T04:15:30","date_gmt":"2020-12-03T04:15:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/03\/the-great-lebanese-bank-sell-off-act-i\/"},"modified":"2020-12-03T04:15:30","modified_gmt":"2020-12-03T04:15:30","slug":"the-great-lebanese-bank-sell-off-act-i","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/03\/the-great-lebanese-bank-sell-off-act-i\/","title":{"rendered":"The Great Lebanese Bank Sell Off, Act I"},"content":{"rendered":"

<\/a> The Great Lebanese Bank Sell Off is gaining steam:<\/strong> Gulf banks First Abu Dhabi Bank and Bank ABC are both reportedly expediting their attempts to purchase the assets of ailing Lebanese banks and increase their share of the Egyptian banking sector. Bank ABC appears to be in pole position to acquire Blom Bank\u2019s Egypt unit after the Lebanese bank said yesterday<\/a> it was in \u201cexclusive talks\u201d to sell its 99.42% stake. Fellow GCC lender Emirates NBD had also been interested<\/a> in Blom\u2019s Egypt arm, but now appears to be out of the running. Reports last month<\/a> had suggested Bank ABC is planning to make a \u201cgenerous offer\u201d for Blom after wrapping up its due diligence.<\/p>\n

Meanwhile- First Abu Dhabi Bank (FAB) is reportedly accelerating its due diligence on <\/strong>Bank Audi Egypt<\/strong> and plans to make an offer this month or early next year, Masrawy<\/a> reports, citing unnamed industry sources. FAB bank wants to avoid giving any of its rivals a chance to lodge a bid for the assets, which could be valued at around USD 700 mn. The Emirati bank resumed negotiations in September<\/a> after they were put on hold in May due to covid-19. Lebanese banks have been looking to exit Egypt due to the financial crisis roiling their home country.<\/p>\n

The ongoing financial crisis in Lebanon has forced <\/strong>both Bank Audi and Blom to head for the exit as liquidity issues and new, stringent capital requirements at home put pressure on their balance sheets.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Great Lebanese Bank Sell Off is gaining steam: Gulf banks First Abu Dhabi Bank and Bank ABC are both reportedly expediting their attempts to purchase the assets of ailing Lebanese banks and increase their share of the Egyptian banking sector. Bank ABC appears to be in pole position to acquire Blom Bank\u2019s Egypt unit […]<\/p>\n","protected":false},"author":1,"featured_media":567689,"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":[473,2154,3401,1060,72,108,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-bahrain","tag-bank-abc","tag-blom-bank","tag-emirates-nbd","tag-enterpriseam","tag-lebanon","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"d980aea2-ce25-489e-be05-bd185c866831","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/69.jpg","photo_position":"above","related_issue":[567679],"teaser":"","voice_url":""},"yoast_head":"\nThe Great Lebanese Bank Sell Off, Act I - 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\/2020\/12\/03\/the-great-lebanese-bank-sell-off-act-i\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Great Lebanese Bank Sell Off, Act I\" \/>\n<meta property=\"og:description\" content=\"The Great Lebanese Bank Sell Off is gaining steam: Gulf banks First Abu Dhabi Bank and Bank ABC are both reportedly expediting their attempts to purchase the assets of ailing Lebanese banks and increase their share of the Egyptian banking sector. Bank ABC appears to be in pole position to acquire Blom Bank\u2019s Egypt unit […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/03\/the-great-lebanese-bank-sell-off-act-i\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-03T04:15:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/69.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\/2020\/12\/03\/the-great-lebanese-bank-sell-off-act-i\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/03\/the-great-lebanese-bank-sell-off-act-i\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"The Great Lebanese Bank Sell Off, Act I\",\"datePublished\":\"2020-12-03T04:15:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/03\/the-great-lebanese-bank-sell-off-act-i\/\"},\"wordCount\":254,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/03\/the-great-lebanese-bank-sell-off-act-i\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/69.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bahrain\",\"Bank ABC\",\"Blom Bank\",\"Emirates NBD\",\"EnterpriseAM\",\"Lebanon\",\"M&A Watch\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/03\/the-great-lebanese-bank-sell-off-act-i\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/03\/the-great-lebanese-bank-sell-off-act-i\/\",\"name\":\"The Great Lebanese Bank Sell Off, Act I - 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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":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":567688,"position":1},"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":575552,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/19\/blom-bank-egypt-sale-could-wrap-in-november-sources-say\/","url_meta":{"origin":567688,"position":2},"title":"Blom Bank Egypt sale could wrap in November, sources say","author":"enterpriseam admin","date":"19 October 2020","format":false,"excerpt":"M&A WATCH- Blom Bank\u2019s sale of its Egypt arm could be completed in November, with offers from Emirates NBD and Bahrain\u2019s Bank ABC expected within \u201cdays,\u201d Al Masry Al Youm reports, citing sources with knowledge of the transaction. 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":563725,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/bank-abc-launches-blom-mto\/","url_meta":{"origin":567688,"position":3},"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":559279,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/","url_meta":{"origin":567688,"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":574428,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/09\/bahrains-bank-abc-confirms-early-talks-to-acquire-blom-bank-egypt\/","url_meta":{"origin":567688,"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\/567688","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=567688"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567688\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567679"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567689"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567688"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567688"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}