Bahrain’s Bank ABC completes $480m acquisition of Blom Bank Egypt – Reuters

Bahrain’s Arab Banking Corporation (Bank ABC) finalised the acquisition of Blom Bank’s unit in Egypt for $480 million, two banking sources told Reuters.

All physical and non-physical assets and customer accounts are included in the deal, the sources added.

Blom Bank owns 99.42 percent of the issued share capital of Blom Bank Egypt, according to the statement.

In September, Bahrain’s ABC said it was in preliminary talks to buy Blom Bank’s Egyptian unit.

Lebanon is on the cusp of a financial crisis that has paralysed its banks, dived the local currency, and fuelled poverty and unemployment. In August, the Lebanese central bank called on banks to boost their capital by 20 percent by the end of February.

Bank ABC has a network of 28 branches in Egypt spread across major cities, including Cairo, Alexandria, Sharm El-Sheikh, and other key centres, according to its website.