Bahrain's ABC joins race to buy Blom's Egypt business

Bahrain’s Bank ABC said on Tuesday it was in preliminary talks to buy Blom Bank’s Egyptian subsidiary, pitting it against Dubai’s Emirates NBD which is also a potential bidder.

Blom has hired CI Capital to advise on a sale that could fetch $250 million to $300 million as the Lebanese lender tries to boost its capital, Reuters reported last month, citing two sources familiar with the deal.

Blom had approached potential bidders including Dubai’s biggest bank, Emirates NBD, the sources said. Emirates NBD confirmed on Aug. 13 it was interested.

HSBC is advising Bank ABC on the talks, two sources familiar with the deal told Reuters. HSBC declined to comment.