Bank ABC starts due diligence on BLOM Bank Egypt

The due diligence step comes in line with the procedures taken by Emirates NBD for the same takeover offer

  
Image used for illustrative purpose. People are seen in front of Blom bank in the Fifth Settlement districts of New Cairo

Image used for illustrative purpose. People are seen in front of Blom bank in the Fifth Settlement districts of New Cairo

REUTERS/Amr Dalsh
ArabFinance: 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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