CAIRO: Bahrain’s Bank ABC completed its purchase of the Egyptian subsidiary of Lebanon’s Blom Bank for $480 million yesterday, two banking sources said.
The transaction included all Blom Bank Egypt’s physical and non-physical assets as well as customer accounts, the sources said.
Lebanon’s Blom Bank, which owns 99.42 per cent of the issued share capital of Blom Bank Egypt, said it had entered exclusive talks with Bahrain’s ABC in December.
Lebanon has been in the throes of a financial crisis that has paralysed its banks, sunk the currency and fuelled poverty and unemployment.
Libya’s central bank owns a 59.37pc stake in Bank ABC, according to Bank ABC’s website.
The Bahrain-based bank has an Egyptian subsidiary, Bank ABC Egypt, in which it owns a 93pc stake.
Blom Bank Egypt listed assets of 45.06 billion Egyptian pounds ($2.88bn) as of Sept. 30, 2020.
It reported a net profit of 205.6m Egyptian pounds in the three months ending Sept. 30 last year, down from 229.5 million a year earlier.
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