BLOM Bank in talks to sell
Egypt unit to Bahrain’s Bank ABC
No negotiations with
other parties at present
BLOM Bank said it has entered exclusive talks with Bahrain-based Arab Banking Corporation (Bank ABC) to sell its 99.4 percent stake in BLOM Bank Egypt.
The two sides will embark on negotiations for this purpose but do not ascertain that these talks will necessary lead to a final agreement, BLOM Bank said in a statement.
Exclusive talks mean that BLOM Bank is currently negotiating only with Bank ABC.
Emirates NBD said last August that it was in preliminary talks to buy BLOM Bank Egypt. It said later on in early November: “Due diligence is still ongoing and there is no certainty that any transaction will be completed.”
BLOM Bank Egypt, whose paid-up capital amounts to EGP2 billion ($128 million), has a network of 41 branches. Its total assets stood at $2.87 billion at the end of September 2020 while its shareholders’ equity reached $301 million. The bank offers retail and corporate banking services as well as SME banking and solutions for financial institutions.
Date Posted: Dec 02, 2020