Bahraini Bank ABC finalises acquisition of Blom Bank’s unit in Egypt
The Arab Banking Corporation (Bank ABC) has announced on Wednesday its compilation of the legal merger of its two Egyptian subsidiaries Blom Bank Egypt and Bank ABC Egypt, according to its statement.
The two banks have become a single legal entity after receiving the final regulatory approvals of the Central Bank of Egypt (CBE) and the General Authority for Investment and Free Zones (GAFI).
The legal merger triples Bank ABC Egypt’s market share and takes its total assets to 67 billion Egyptian pounds on a combined basis. A process of integration will bring together the best of both banks into an enhanced service proposition.
The statement further explained that the two banks will continue to operate normally while the products and services will be integrated.
Bank ABC group is looking forward to creating a new kind of banking experience for the customers, said its chairman Saddek Omar El Kaber.
El Kaber continued that “combining these two successful local banks gives us the scale and diversity needed to fully capitalise on our growth ambitions.”
For his part, Sael Al Waary the acting group CEO of Bank ABC said, “we have a strong platform for sustainable growth, with a greater capacity to innovate and a wider network to support our existing and new customers.”
