Sale of Blom Bank Egypt could be completed in November

Lebanese Blom Bank’s sale of its Egypt arm could be completed in November, with offers from Emirates NBD and Bahrain’s Bank ABC expected within “days,” Al Masry Al Youm reports, citing sources with knowledge of the transaction.

Emirates NBD completed due diligence last week while Bank ABC is expected to follow suit in the next few days.

Emirates NBD reportedly valued Blom Egypt at 6.5-7 billion Egyptian pounds prior to due diligence.

The Lebanese bank announced in August it was looking to sell its Egypt unit in response to the economic crisis roiling its home country.

Blom bank has tapped CI Capital to advise on the sale, while HSBC is advising Bank ABC.