Blom Bank Increases Its Share in Arope Insurance with 9.5%

Blom Bank increased its shares in Arope Insurance Group with 9.5%; 4.75% in Arope Property Insurance Company and 4.75% in Arope Life Insurance Company.

Michael Kelada, assistant managing director at Arope Insurance Group, said that Blom’s share in property insurance reached 39.75% compared to 19.75%.

Kelada negated what is said about Arope’s plan to pull out of the Egyptian market or merge with another company.

Arope will increase its EGP 110 million capital with EGP 20 million; 10 million for each company, Kelada added.

Arope Life Insurance shares are divided among Arope Insurance Group, Blom Bank Egypt and Blom Bank Egypt Securities by 80%, 15% and 5% respectively.

Arope Property Insurance shares are divided among Arope Insurance Group, Blom Bank Egypt and Blom Bank Egypt Securities by 60%, 35% and 5% respectively.