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Tuesday, 1 September 2020

Bank ABC asks central bank to start due diligence on Blom Bank Egypt

M&A WATCH- Bank ABC asks CBE for green light to start due diligence on Blom Bank: Bahrain’s Arab Banking Corporation (Bank ABC) has submitted a request to conduct due diligence on Blom Bank’s Egypt assets ahead of a potential acquisition, Hapi Journal reports. Bank ABC is in the running to acquire the Egyptian branch of Blom, alongside Emirates NBD, which Hapi claims is close to completing its own DD on a transaction that could value Blom’s Egypt arm at USD 250-300 mn. Blom confirmed earlier this month it is looking to sell its Egypt assets as its home country suffers its worst economic crisis in decades. We had more on what seems like a scramble by GCC banks to enter Egypt in yesterday’s issue.

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