Bahrain-based Arab Banking Corporation (Bank ABC) began due diligence on BLOM Bank
’s asset in Egypt to submit an acquisition offer, sources told Shorouk News, as published on September 26th
The due diligence step comes in line with the procedures taken by Emirates NBD for the same takeover offer, the sources added, noting that the UAE bank’s review is expected to be completed in the beginning of October.
A month ago, Bahrain’s listed bank reportedly showed interest in acquiring the unit of the Lebanese bank in Egypt, a news that was confirmed by the Gulf bank on September 8th.
Emirates NBD, meanwhile, said last August that it entered preliminary negotiations with BLOM Bank Lebanon to purchase the latter's arm in Egypt.
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