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Monday, 7 December 2020

Blom Bank Egypt getting ready for its sale to Bank ABC?

Blom Bank Egypt is getting its ducks in a row ahead of its potential sale to Bahrain’s Bank ABC, amending its employee salary structures to comply with Central Bank of Egypt regulations, Al Shorouk reports, citing unnamed sources. In a bidding process that also saw interest from Emirates NBD, Bank ABC announced last week that it is in exclusive talks to acquire Blom Bank’s 99.42% share in its Egypt business, which is exiting Egypt as it faces pressure in its home market.

WATCH THIS SPACE EG Bank and Suez Canal Bank are planning to each purchase a 10% stake in a recently-formed real estate JV between Talaat Moustafa Group (TMG), the National Bank of Egypt (NBE) and Banque Misr, Al Shorouk reports, citing unnamed sources. The JV was set up to develop residential land owned by the state-owned banks near TMG’s Rehab and Madinaty compounds. It comes after Banque Misr and NBE signed a EGP 4 bn financing agreement with the real estate giant to construct two mixed-use projects in Madinaty and Rehab.

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