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Reuters: Arab Banking Corporation buys BLOM Bank Egypt for $ 480 million


Two informed sources told Reuters that the Bahraini Arab Banking Corporation, on Thursday, completed the acquisition of Blom Bank Egypt for $ 480 million.


"The two banks signed the final contracts today for the deal, including all material and in-kind assets and customer accounts," added one of the sources.


Blom Misr is affiliated with the BLOM Bank Group and began operating in Egypt in 2005. The bank has 41 branches and its paid-up capital amounts to two billion pounds ($ 126 million), according to its website. A comprehensive restructuring process took place for the bank over the past years.


According to its website, the Arab Banking Corporation in Egypt has a network of 28 branches spread in major cities.

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