BLOM Bank-Egypt launches asset management unit

BLOM Bank Egypt, the Egyptian arm of Lebanon’s lender BLOM, has recently launched its asset management unit, deputy managing director said on Monday.

The new firm, launched in August, is with a capital valued at 10 million Egyptian pounds ($565,812), Tarek Metwally told Amwal Al Ghad on the sidelines of a Euromoney conference.

BLOM Egypt has made a significant leap in funding small and medium-sized businesses in the country, Metwally added, saying the SME portfolio currently represents 21.5 percent of the bank’s total credit portfolio.

The bank’s loans had surpassed 10 billion pounds at the end of August; while deposits had totallled 28 billion pounds, the banking official said.

Blom is one of the Lebanese banks that expanded regionally over the past few years to diversify revenues and increase its market share in the Middle East. Blom has subsidiaries in Egypt, Jordan, and Syria, as well as a representative office in the Arab Gulf region.