Bahrain's ABC submits mandatory tender offer to acquire 100% of Blom Bank

Egypt - Bahrain’s Bank ABC has submitted a mandatory tender offer (MTO) to acquire up to 100% of Blom Bank Egypt, the Financial Regulatory Authority (FRA) said in a statement.

According to the offer, Bank ABC will purchase up to 300 million shares in Blom Egypt at EGP 22.33 per share, valuing the business at EGP 6.7 billion.

The Gulf lender must pay the amount in USD at the exchange rate stated by the CBE during the seven days preceding the FRA’s approval on the MTO.

The purchase includes the bank’s physical and non-physical assets, and customer accounts.

ABC already has a presence in Egypt with Bank ABC Egypt, in which it owns a 93% stake