{"id":578606,"date":"2023-01-05T04:03:54","date_gmt":"2023-01-05T04:03:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/"},"modified":"2023-01-05T04:03:54","modified_gmt":"2023-01-05T04:03:54","slug":"bank-abc-and-blom-bank-egypt-are-now-one","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/","title":{"rendered":"Bank ABC and Blom Bank Egypt are now one"},"content":{"rendered":"

<\/a> Bank ABC and Blom Bank Egypt are now a single entity: <\/strong>Bahrain\u2019s Bank ABC has completed the legal merger of Bank ABC Egypt and Blom Bank Egypt, following its acquisition of 99.5% of Blom Bank Egypt, the buyer said in a statement<\/a> yesterday.<\/p>\n

This has been at least two years in the making: <\/strong>The two sides reached an initial agreement on the acquisition in January2021<\/a> before tying the knot in August<\/a> in a USD 424 mn transaction, valuing Blom Bank\u2019s Egyptian arm at USD 427 mn (EGP 6.7 bn at the time.)<\/p>\n

The merger will expand Bank ABC\u2019s local network to 68 branches throughout the country<\/strong>, adding Blom\u2019s 41 locations to its existing 27-branch network. The purchase includes Blom Bank Egypt\u2019s physical and non-physical assets and customer accounts. The acquisition triples Bank ABC\u2019s market share, takes its total assets to EGP 67 bn, and will help it expand its service offerings.<\/p>\n

Advisors:<\/strong> HSBC Bank Middle East was the financial advisor for Bank ABC. Zulficar & Partners was the legal advisor to the buyer, while Commercial International Brokerage Company (CIBC) was the broker.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank ABC and Blom Bank Egypt are now a single entity: Bahrain\u2019s Bank ABC has completed the legal merger of Bank ABC Egypt and Blom Bank Egypt, following its acquisition of 99.5% of Blom Bank Egypt, the buyer said in a statement yesterday. This has been at least two years in the making: The two […]<\/p>\n","protected":false},"author":1,"featured_media":578607,"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":[2154,3401,72,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-bank-abc","tag-blom-bank","tag-enterpriseam","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"18ee9da0-ccc5-4933-bb46-288fc06458da","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/92.jpg","photo_position":"above","related_issue":[578590],"teaser":"","voice_url":""},"yoast_head":"\nBank ABC and Blom Bank Egypt are now one - 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\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank ABC and Blom Bank Egypt are now one\" \/>\n<meta property=\"og:description\" content=\"Bank ABC and Blom Bank Egypt are now a single entity: Bahrain\u2019s Bank ABC has completed the legal merger of Bank ABC Egypt and Blom Bank Egypt, following its acquisition of 99.5% of Blom Bank Egypt, the buyer said in a statement yesterday. This has been at least two years in the making: The two […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-05T04:03:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/92.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\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Bank ABC and Blom Bank Egypt are now one\",\"datePublished\":\"2023-01-05T04:03:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/\"},\"wordCount\":189,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/1\/92.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Bank ABC\",\"Blom Bank\",\"EnterpriseAM\",\"M&A Watch\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/01\/05\/bank-abc-and-blom-bank-egypt-are-now-one\/\",\"name\":\"Bank ABC and Blom Bank Egypt are now one - 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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":576290,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/18\/bank-abc-confirms-its-still-in-for-blom-bank-egypt\/","url_meta":{"origin":578606,"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 "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":559279,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/bank-abc-wins-bid-for-blom-egypt\/","url_meta":{"origin":578606,"position":2},"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":563725,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/bank-abc-launches-blom-mto\/","url_meta":{"origin":578606,"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":564109,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/blom-bank-egypt-shareholders-agree-to-sell-99-5-to-bank-abc\/","url_meta":{"origin":578606,"position":4},"title":"Blom Bank Egypt shareholders agree to sell 99.5% to Bank ABC","author":"enterpriseam admin","date":"9 August 2021","format":false,"excerpt":"Shareholders of Blom Bank Egypt have agreed to sell a 99.5% stake in the bank to Bahrain\u2019s Bank ABC in a mandatory tender offer (MTO), the EGX said in a statement (pdf) this morning. The shareholders sold 298.62 mn of Blom Bank Egypt\u2019s 300 mn shares to the Gulf lender\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/392.jpg?fit=%2C&ssl=1&resize=350%2C200","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":578606,"position":5},"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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