{"id":574428,"date":"2020-09-09T03:50:38","date_gmt":"2020-09-09T03:50:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/09\/bahrains-bank-abc-confirms-early-talks-to-acquire-blom-bank-egypt\/"},"modified":"2020-09-09T03:50:38","modified_gmt":"2020-09-09T03:50:38","slug":"bahrains-bank-abc-confirms-early-talks-to-acquire-blom-bank-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/09\/bahrains-bank-abc-confirms-early-talks-to-acquire-blom-bank-egypt\/","title":{"rendered":"Bahrain\u2019s Bank ABC confirms early talks to acquire Blom Bank Egypt"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>M&A WATCH- Bahrain\u2019s Bank ABC confirms early talks to acquire Blom Bank <\/strong><strong>Egypt: <\/strong>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 href=\"https:\/\/www.bahrainbourse.com\/sysimages\/companyannouncement\/documents\/Response%20to%20Bahrain%20Bourse_Clarification%20on%20issued%20article%20-%2008%20Sep%202020.pdf_46835.pdf?637351814289913664&tick=1599573824400\">a statement<\/a> that the negotiations are still at early stages. \u201cSuch discussions are at a preliminary stage, but there is no certainty that any transaction will be completed,\u201d the bank said.<\/p>\n<p><strong>Background: <\/strong>News that Bank ABC is interested in Blom\u2019s assets was first reported late <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a71b193-2d31-407a-b433-c44a237d218c\">last month<\/a>. It then emerged that Bank ABC <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2676a4d5-f57c-4811-bdf3-921ab2ffc8a5\">has asked<\/a> the CBE for a green light to start the due diligence process. The Bahraini bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9c344240-d2aa-4bbd-b104-8eb8c7640b9c\">is competing<\/a> with fellow GCC lender Emirates NBD, which is now doing DD and could reportedly value Blom\u2019s Egypt arm at USD 250-300 mn. Blom <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c516247-c57d-49ad-a7bc-e20dc516e2b5\">confirmed earlier this month<\/a> it is looking to sell its Egypt assets as its home country suffers its worst economic crisis in decades. Both Reuters and local media report that Blom has hired CI Capital to advise on the sale. Another Lebanese bank, Bank Audi, is also eyeing an exit from Egypt, and could soon <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23918bcf-5e12-4ca5-b57e-940723993ef5\">revive talks<\/a> with First Abu Dhabi Bank, a frontrunner in its potential takeover.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>M&#038;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 a preliminary stage, but there [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[2154,204,72,1304,7128,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574428","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-bank-abc","tag-banking","tag-enterpriseam","tag-gcc","tag-ma-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"caa9b3cc-1a4c-4c93-8a56-4cd379489b31","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[574423],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Blom has reportedly nudged Bank ABC to complete the process and present an offer\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":576290,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/18\/bank-abc-confirms-its-still-in-for-blom-bank-egypt\/","url_meta":{"origin":574428,"position":1},"title":"Bank ABC confirms it\u2019s still in for Blom Bank Egypt","author":"enterpriseam admin","date":"18 November 2020","format":false,"excerpt":"M&A WATCH- Bank ABC is pushing forward with Blom Bank Egypt acquisition talks: The Arab Banking Corporation (Bank ABC) has confirmed it\u2019s still in talks with Lebanon\u2019s Blom Bank to acquire its Egypt branch, but added the standard disclaimer that \u201cthere is no certainty that any transaction will be completed,\u201d\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":574428,"position":2},"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 &quot;Speed Round&quot;","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":574129,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/31\/bank-abc-enters-race-to-acquire-blom-banks-egypt-assets\/","url_meta":{"origin":574428,"position":3},"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 &quot;Speed Round&quot;","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":561041,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/23\/bank-abc-is-within-arms-reach-of-blom-bank\/","url_meta":{"origin":574428,"position":4},"title":"Bank ABC is within arm\u2019s reach of Blom Bank","author":"enterpriseam admin","date":"23 March 2021","format":false,"excerpt":"Bahrain\u2019s Bank ABC is finalizing its acquisition of Lebanon\u2019s Blom Bank\u2019s Egypt arm after getting the green light from Bahrain and Lebanon\u2019s central banks, according to a report in Al Mal\u2019s print edition citing sources it says are in the know. ABC still needs to get the OK from the\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;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":559279,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/","url_meta":{"origin":574428,"position":5},"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 &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;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\/574428","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=574428"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/574428\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/574423"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=574428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=574428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=574428"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=574428"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=574428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}