Bank ABC, an international bank headquartered in Manama Bahrain is reportedly in the initial stage discussions to buy Blom Bank’s Egyptian subsidiary.
Earlier, The Emirates National Bank of Dubai (NBD) had announced on August 13 that it was in discussions to buy Blom Bank Egypt and the current statement from Bank ABC creates a rival to the deal.
Last month, Lebanon’s second-largest lender by asset Blom bank revealed that it is planning to sell its Egyptian subsidiary and it has got the approval to begin the due diligence process from the Central bank of Egypt.
Reuters reported that the Lebanese lenders have hired the New York-based equity firm CI Capital to get guidance on the sale which could yield $250 million to $300 million to the bank as it is trying to increase its capital.
As Lebanon is going through a crucial financial crisis since the civil war, the banks in the country are trying to build up their financial status.
The local rival of Blom, Bank Audi has tried to sell its Egyptian wing with the First Abu Dhabi Bank (FAB) but the discussion got suspended in May due to the unusual situation and the risky situation related to the COVID-19 pandemic.
Reports suggest that FAB is planning to restart the talks to buy Bank of Audi’s Eygptian business.
Currently, the Bank ABC has 28 branches across Egypt’s major cities including Cairo, Alexandria and Sharm El-Sheikh.
