Bahraini Bank ABC completes acquisition of BLOM Bank’s unit in Egypt

Doaa A.Moneim , Wednesday 4 Jan 2023

The Arab Banking Corporation (Bank ABC) has completed the legal merger of its two Egyptian subsidiaries BLOM Bank Egypt and Bank ABC Egypt, the bank announced on Wednesday.

ABC bank
Bahrain s Arab Banking Corporation (Bank ABC)

 

With this transaction, the two banks have become a single legal entity after receiving the final regulatory approvals of the Central Bank of Egypt (CBE) and the General Authority for Investment and Free Zones (GAFI).

The action follows Bank ABC’s acquisition of a 99.5 percent stake in BLOM Bank Egypt in August 2021.

The two banks will continue to operate normally while the products and services will be integrated.

Customers of the fully integrated bank will be offered a wider range of services, supported by a larger network of branches and ATMs. More innovative digital services are also planned, including ABC’s mobile-only bank ‘ila’ and leading payments capabilities of its subsidiary, Arab Financial Services (AFS), said ABC.

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

“The completion of our legal merger is another solid step towards strengthening our presence in the Egyptian market,” said Bank ABC Group Chairman Sadek Omar El-Kaber.

A new board and leadership team will oversee the integration of the two banks.

In addition, branches and ATMs of both Bank ABC Egypt and BLOM Bank Egypt will continue to provide the same access to existing services to their clients throughout the integration process.

Over the coming months, BLOM Bank Egypt branches and ATMs will be rebranded to Bank ABC. However, they will continue to provide uninterrupted access to their existing services until the process of integration is completed.

 

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