Saudi Press

Saudi Arabia and the world
Monday, Jun 02, 2025

Bahrain’s Bank ABC in talks to buy Egyptian unit of Lebanon’s Blom Bank

Bahrain’s Bank ABC in talks to buy Egyptian unit of Lebanon’s Blom Bank

Lebanese banks are aiming to strengthen their finances amid economic turmoil in the country
Bahrain-based Arab Banking Corporation, the kingdom's second-largest lender, said it is in talks to buy the Egyptian unit of Lebanon’s Blom Bank.

“Discussions are at a preliminary stage, but there is no certainty that any transaction will be completed,” Bank ABC said in a regulatory filing to the Bahrain bourse, where its shares trade.

“Bank ABC has a stated intention and strategy to consider inorganic growth opportunities and routinely evaluates such matters, and a further announcement will only be made if there is a material development.”

Last month, Emirates NBD, Dubai’s largest lender by assets, said it is also in talks to buy Blom Bank’s subsidiary in Egypt.

In May, First Abu Dhabi Bank, the UAE’s largest lender by assets, mutually agreed to suspend talks to buy the Egyptian subsidiary of Lebanon's Bank Audi due to “unprecedented circumstances and the uncertain outlook relating to the Covid-19 pandemic".

Blom Bank, like other Lebanese lenders, needs to fulfill a requirement from Lebanon's central bank to increase its equity. The regulator issued the requirement last November as Lebanon faces its worst economic crisis in three decades. Lenders who are unable to raise their capital by 20 per cent by the end of February 2021 will have to get out of the market.

Blom Bank's 2019 annual profit of declined 77 per cent year-on-year as it booked impairments of 493 billion Lebanese pounds ($327 million or Dh1.2bn at the official exchange rate) to cover losses.

Reuters reported the sale of Blom's Egyptian unit could raise as much as $300m for the Lebanese lender. Blom Bank Egypt operates 39 branches in the North African country.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
×