{"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":"

<\/a> M&A WATCH- Bahrain\u2019s Bank ABC confirms early talks to acquire Blom Bank <\/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 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

Background: <\/strong>News that Bank ABC is interested in Blom\u2019s assets was first reported late last month<\/a>. It then emerged that Bank ABC has asked<\/a> the CBE for a green light to start the due diligence process. The Bahraini bank 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 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 revive talks<\/a> with First Abu Dhabi Bank, a frontrunner in its potential takeover.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 a preliminary stage, but there […]<\/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":"\nBahrain\u2019s Bank ABC confirms early talks to acquire Blom Bank Egypt - 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