{"id":573635,"date":"2020-08-12T04:05:18","date_gmt":"2020-08-12T04:05:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/12\/blom-bank-confirms-potential-egypt-exit\/"},"modified":"2020-08-12T04:05:18","modified_gmt":"2020-08-12T04:05:18","slug":"blom-bank-confirms-potential-egypt-exit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/12\/blom-bank-confirms-potential-egypt-exit\/","title":{"rendered":"Blom Bank confirms potential Egypt exit"},"content":{"rendered":"

<\/a> M&A WATCH- Blom Bank confirms potential Egypt exit as Lebanon falls into deeper economic crisis:<\/strong> Lebanon\u2019s Blom Bank confirmed<\/a>yesterday<\/a> that it is looking to sell its Egypt assets in response to the financial crisis gripping its home country. The bank said in a statement that the Central Bank of Egypt (CBE) has approved a request for it to begin the due diligence process on a transaction that could be valued at USD 250-300 mn, Reuters<\/a> reports, citing unnamed sources. Any agreement will be subject to approval by the bank\u2019s board of directors and the CBE, the bank said.<\/p>\n

Emirates NBD<\/strong> looks to be in the running:<\/strong> The local press<\/a> reported earlier this week that Emirates NBD could be interested in buying Blom\u2019s Egypt arm. Reuters\u2019 sources corroborate the link, saying that the Dubai bank was among several potential suitors that Blom has approached. If Emirates NBD were to successfully snap up the Lebanese bank, its footprint in Egypt would increase substantially, adding Blom\u2019s 41 branches to its existing 69.<\/p>\n

This isn\u2019t the first Lebanese bank to look for the exit door from Egypt:<\/strong> Rival Bank Audi has also been looking to sell its Egypt assets, but potential buyer First Bank Abu Dhabi shelved acquisition talks in May<\/a> due to the uncertainty caused by the coronavirus.<\/p>\n

A catastrophic economic crisis in Lebanon is to blame:<\/strong> Blom Bank reported a 77% plunge in profits last year as Lebanon endures its worst financial crisis since the country\u2019s civil war. With the currency in freefall, soaring inflation and a paralyzed financial system, banks are racing to boost their capital after the Lebanese central bank raised capital requirements in a bid to shore up the banking sector.<\/p>\n

Advisers:<\/strong> Sources cited by Reuters and local media report that Blom has hired CI Capital<\/strong> to advise on the sale. Baker McKenzie<\/strong> is reportedly providing legal advice.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Blom Bank confirms potential Egypt exit as Lebanon falls into deeper economic crisis: Lebanon\u2019s Blom Bank confirmedyesterday that it is looking to sell its Egypt assets in response to the financial crisis gripping its home country. The bank said in a statement that the Central Bank of Egypt (CBE) has approved a request […]<\/p>\n","protected":false},"author":1,"featured_media":573636,"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":[8572],"tags":[3433,3401,136,1060,72,108,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-baker-mckenzie","tag-blom-bank","tag-ci-capital","tag-emirates-nbd","tag-enterpriseam","tag-lebanon","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"4c516247-c57d-49ad-a7bc-e20dc516e2b5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/8\/94.jpg","photo_position":"above","related_issue":[573630],"teaser":"","voice_url":""},"yoast_head":"\nBlom Bank confirms potential Egypt exit - 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\/08\/12\/blom-bank-confirms-potential-egypt-exit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blom Bank confirms potential Egypt exit\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Blom Bank confirms potential Egypt exit as Lebanon falls into deeper economic crisis: Lebanon\u2019s Blom Bank confirmedyesterday that it is looking to sell its Egypt assets in response to the financial crisis gripping its home country. 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In an interview with Bloomberg TV that mostly covered Lebanon, Azhari found time to hint at the company\u2019s expansions in Egypt, saying that\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\/2018\/5\/1150.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":573635,"position":2},"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":[]},{"id":574255,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/unnamed-nbfs-firm-enters-race-for-blom-bank-egypt\/","url_meta":{"origin":573635,"position":3},"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. 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