Bank ABC completes acquisition of 99.5% of BLOM Bank Egypt

EGYPT – The Arab Banking Corporation (Bank ABC) has completed its acquisition of 99.5% of BLOM Bank Egypt, to expand its presence in the Middle East and North Africa. Earlier, Egypt’s Financial Regulatory Authority (FRA) approved the compulsory purchase offer Bank ABC submitted to acquire BLOM Bank Egypt. The corporation bought up to 300 million shares in a deal valued at US$425 million. This acquisition represents 1.37x of the book value of BLOM Bank Egypt as of March 2021. Egyptian branches of Bank ABC and BLOM Bank will continue to operate…

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