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Tuesday, 11 August 2020

Emirates NBD eyes purchase of Blom Bank’s Egypt assets

M&A WATCH- Emirates NBD is considering purchasing Blom Bank’s Egypt assets, Hapi Journal reports, citing unnamed sources familiar with the matter. They said the Emirati bank is looking to strengthen its presence in Egypt, without providing additional details.

Background: Lebanon’s Blom Bank earlier in the year denied that it is looking to sell its Egypt unit, after local press reports had alleged that an unnamed major Saudi bank had made an offer to acquire Blom Bank Egypt. Bank sources said Blom reportedly has sufficient capital and does not need to follow the example of Bank Audi, which is trying to sell its Egypt unit.

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