Bank ABC Egypt targets new era of growth following completion of legal merger with BLOM Bank
Bank ABC (Arab Banking Corporation B.S.C.) has completed the legal merger of its two Egyptian subsidiaries BLOM Bank Egypt and Bank ABC Egypt. The two banks have now become a single legal entity after receiving final regulatory approvals, including those of the Central Bank of Egypt and the General Authority for Investment and Free Zones. This follows Bank ABC's acquisition of a 99.5% stake in BLOM Bank Egypt in August 2021. The two banks will continue to operate a normal service while work continues to fully integrate their products and services.
Bank ABC Group Chairman, H.E. Saddek Omar El Kaber, commented: "The completion of our legal merger is another solid step towards strengthening our presence in the Egyptian market. With Bank ABC Group's international reach and experience, supported by cutting-edge technology and its innovative products, we look forward to creating a new kind of banking experience for our customers. Combining these two successful local banks gives us the scale and diversity needed to fully capitalise on our growth ambitions."