Arab Bahraini Banking Corporation (ABC) Bank came close to acquiring the Lebanese BLOM Bank unit in Egypt.
According to Arabiya Net, sources mentioned that the bank is close to acquiring Bloom Egypt, after Emirates NBD left the competition.
The sources did not disclose the reasons for the exit of Emirates NBD.
It is expected that the Bahraini Arab Banking Corporation Bank will complete the due diligence examination of Blom Bank Egypt this month.
Blom Bank Egypt managing director, Mohamed Ozalab, in a phone call to Al Arabiya, declined to comment.
The Lebanese Bloom offer for its unit in Egypt to increase its capital by about $ 240 million to comply with the instructions of the Lebanese government in this regard, which prompted it to sell its unit in Egypt, which generates about 46% Of the group's total profits.
According to its website, BLOM Bank Egypt has 46 branches.
According to sources, Emirates NBD had chosen CI Capital to act as the financial advisor.
