Bahrain’s Bank ABC on Wednesday completed the acquisition of a 99.5 percent stake in Blom Bank Egypt to expand its presence in the Middle East and North Africa (MENA) region.
Bank ABC Egypt and Blom Bank Egypt will continue operating as separate entities until the legal merger is completed, which is subject to regulatory approval and expected to conclude in the first quarter of next year.
The combined entity would more than triple the market share of Bank ABC (incorporated as Arab Banking Corporation B.S.C.) and take its balance sheet to approximately 60 billion Egyptian pounds ($3.83 billion) on a combined basis.
Dr. Khaled Kawan, Bank ABC group chief executive officer, said: “The acquisition of Blom Bank Egypt is a landmark moment for Bank ABC. We have been searching for the right opportunity for many years — seeking an acquisition that further cements our reputation as MENA’s leading international bank.”
Saad Azhari, chairman and general manager of Blom Bank Lebanon, said: “Blom Bank Egypt has delivered strong returns for our group, and we are confident that it will continue this legacy of success as a part of Bank ABC group.”