Lebanese BLOM Bank studies sale of Egypt’s unit

Lebanon-based BLOM Bank is studying sale of its stake in BLOM Bank Egypt as part other strategic options amid the economic crisis that hit Lebanon.

The Central Bank of Egypt (CBE)  given the go-ahead to BLOM Bank to conduct due diligence on its Egyptian arm for selling.

This move is aimed at meeting the requirements set by the Lebanese central bank in November 2019, requiring banks to raise their capital.

Concluding the sale deal is contingent on the final approvals of the central banks in Egypt and Lebanon.

Last week, the Lebanese economy has been hit by another blow after an explosion blasted Beirut’s main port, causing between $3 billion and $5 billion worth of damages, according to the Governor, Marwan Abboud.