Bank ABC acquires Blom Bank Egypt for $480mn

Bahrain's Bank ABC completed its purchase of the Egyptian subsidiary of Lebanon's Blom Bank for $480 million on Thursday, two banking sources said.

The transaction included all Blom Bank Egypt's physical and non-physical assets as well as customer accounts, the sources said.

Lebanon's Blom Bank, which owns 99.42% of the issued share capital of Blom Bank Egypt, said it had entered exclusive talks with Bahrain's ABC in December.

Lebanon has been in the throes of a financial crisis that has paralysed its banks, sunk the currency and fuelled poverty and unemployment.