{"id":574129,"date":"2020-08-31T03:33:25","date_gmt":"2020-08-31T03:33:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/"},"modified":"2020-08-31T03:33:25","modified_gmt":"2020-08-31T03:33:25","slug":"bank-abc-enters-race-to-acquire-blom-banks-egypt-assets","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/","title":{"rendered":"Bank ABC enters race to acquire Blom Bank\u2019s Egypt assets"},"content":{"rendered":"

<\/a> M&A WATCH- The GCC scramble for Lebanese banks continues as<\/strong> Bank ABC enters <\/strong>race for Blom Bank\u2019s Egypt assets:<\/strong> Bahrain\u2019s Arab Banking Corporation (Bank ABC)<\/a> is reportedly competing with Emirates NBD to acquire Blom Bank\u2019s Egypt assets, Hapi Journal<\/a> reports, citing sources close to the talks. Bank ABC is interested in growing its presence here by adding the Lebanese bank\u2019s assets to its Bank ABC Egypt operations, the sources said. Blom confirmed earlier this month<\/a> it is looking to sell its Egypt assets as its home country suffers its worst economic crisis in decades. The Central Bank of Egypt greenlit its request to kick off a due diligence process on a transaction that could be valued at USD 250-300 mn. Emirates NBD was the first name to emerge as an interested party, but Blom had approached several potential suitors alongside the Dubai-based financial institution.<\/p>\n

Emirates NBD is also reportedly interested in purchasing the Egypt assets of Bank Audi, <\/strong>another financially stressed Lebansese bank, the local press<\/a> reported yesterday, citing sources in the know. Again, NBD\u2019s interest comes from a desire to expand its footprint in Egypt by adding Audi\u2019s assets to its own Egypt branch, the sources said, adding that the acquisition could close as early as October<\/strong>. Bank Audi recently denied<\/a> that it\u2019s engaged in any acquisition talks after negotiations with First Abu Dhabi Bank (FAB) broke down in May due to the pandemic.<\/p>\n

Gulf-based banks have been particularly interested in Egypt over the past few years. <\/strong>Egypt\u2019s favorable interest rate climate, the relatively small market capitalization of some of the country\u2019s largest banks compared to emerging market peers, and a largely unbanked population are all draws for international investors, we noted back in January<\/a>. GCC countries, by contrast, have smaller populations, with the region tending to be \u201coverbanked<\/a>.\u201d<\/p>\n

GCC bankers first saw an opening <\/strong>when a handful of European banks exited Egypt and other emerging markets<\/strong> following tougher regulations under the 2009 Basel III accords<\/a>, which limited many established banks\u2019 ability to take risks using depositor money coming from their home countries. And as acquisitions are the only way into Egypt\u2019s banking sector<\/a>, prominent GCC names including Qatar\u2019s QNB AlAhli (previously National Societe General Bank) and Al Ahli Bank of Kuwait (previously Piraeus), as well as other large banks from Arab and neighboring countries, were able to take advantage of this and buy out the existing European banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 in growing its presence here […]<\/p>\n","protected":false},"author":1,"featured_media":574130,"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":[2154,2037,204,3401,1060,72,7128,871,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-bank-abc","tag-bank-audi","tag-banking","tag-blom-bank","tag-emirates-nbd","tag-enterpriseam","tag-ma-watch","tag-regulation-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"9a71b193-2d31-407a-b433-c44a237d218c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/8\/253.jpg","photo_position":"above","related_issue":[574124],"teaser":"","voice_url":""},"yoast_head":"\nBank ABC enters race to acquire Blom Bank\u2019s Egypt assets - 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\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank ABC enters race to acquire Blom Bank\u2019s Egypt assets\" \/>\n<meta property=\"og:description\" content=\"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 in growing its presence here […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-31T03:33:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/253.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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Bank ABC enters race to acquire Blom Bank\u2019s Egypt assets\",\"datePublished\":\"2020-08-31T03:33:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/\"},\"wordCount\":422,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/253.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bank ABC\",\"Bank Audi\",\"banking\",\"Blom Bank\",\"Emirates NBD\",\"EnterpriseAM\",\"M&A Watch\",\"regulation watch\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/\",\"name\":\"Bank ABC enters race to acquire Blom Bank\u2019s Egypt assets - 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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":574255,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/03\/unnamed-nbfs-firm-enters-race-for-blom-bank-egypt\/","url_meta":{"origin":574129,"position":2},"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. But there\u2019s a hitch:\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\/9\/37.jpg?fit=%2C&ssl=1&resize=350%2C200","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":574129,"position":3},"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":[]},{"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":574129,"position":4},"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":576246,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/17\/emirates-nbd-denies-reports-it-has-exited-the-race-to-buy-bloms-egypt-arm\/","url_meta":{"origin":574129,"position":5},"title":"Emirates NBD denies reports it has exited the race to buy Blom\u2019s Egypt arm","author":"enterpriseam admin","date":"17 November 2020","format":false,"excerpt":"M&A WATCH- Emirates NBD denies reports it has exited the race to buy Blom\u2019s Egypt arm: Sources at Emirates NBD have rejected claims that it has pulled out of the race to acquire Blom Bank Egypt and said the bank will submit an offer in the coming days, Hapi Journal\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\/11\/179.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\/574129","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=574129"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574129\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574124"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/574130"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574129"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574129"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}