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Thursday, 5 January 2023

Bank ABC and Blom Bank Egypt are now one

Bank ABC and Blom Bank Egypt are now a single entity: Bahrain’s Bank ABC has completed the legal merger of Bank ABC Egypt and Blom Bank Egypt, following its acquisition of 99.5% of Blom Bank Egypt, the buyer said in a statement yesterday.

This has been at least two years in the making: The two sides reached an initial agreement on the acquisition in January 2021 before tying the knot in August in a USD 424 mn transaction, valuing Blom Bank’s Egyptian arm at USD 427 mn (EGP 6.7 bn at the time.)

The merger will expand Bank ABC’s local network to 68 branches throughout the country, adding Blom’s 41 locations to its existing 27-branch network. The purchase includes Blom Bank Egypt’s physical and non-physical assets and customer accounts. The acquisition triples Bank ABC’s market share, takes its total assets to EGP 67 bn, and will help it expand its service offerings.

Advisors: HSBC Bank Middle East was the financial advisor for Bank ABC. Zulficar & Partners was the legal advisor to the buyer, while Commercial International Brokerage Company (CIBC) was the broker.

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