The Bahraini bank, Bank ABC, has purchased the Egyptian subsidiary of Lebanon’s Blom Bank for $480 million on Thursday, two banking sources told Reuters.
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 paralyzed its banks, sunk the currency and fuelled poverty and unemployment.
Both Blom and Bank Audi are exiting Egypt as a result of the collapse of the Lebanese financial system brought about by bad money management. The banking sector has been run-down to bad management, political unrest, and capital flight.
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