Bank ABC finalizes legal merger with BLOM Bank Egypt

Bahrani Arab Banking Corporation (Bank ABC) has completed the legal merger of its two Egyptian subsidiaries BLOM Bank Egypt and Bank ABC Egypt, according to a statement on January 4th.

Commenting on the merger, Bank ABC Group’s Chairman Saddek Omar El Kaber said: “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,” El Kaber added.

The merger triples Bank ABC Egypt’s market share, bringing its total assets to EGP 67 billion on a combined basis.

In August 2021, a total of 298.62 million shares in BLOM Bank Egypt out of a total of 300 million have been sold via a mandatory tender offer (MTO) submitted by Bahrain's ABC.

In January 2021, BLOM Bank signed an agreement with Bank ABC to sell its entire 99.4% stake in its Egyptian unit for EGP 6.7 billion.