Bank ABC has completed the legal merger of its two Egyptian subsidiaries BLOM Bank and Bank ABC. The two banks have now become a single legal entity after receiving final regulatory approvals, including those of the Central Bank of Egypt and the General Authority for Investment and Free Zones (GAFI).
This follows Bank ABC’s acquisition of a 99.5% stake in BLOM Bank Egypt in August last year. The two banks will continue to operate a normal service while work continues to fully integrate their products and services.
“The completion of our legal merger is another solid step towards strengthening our presence in the Egyptian market. With our group’s international reach and experience, supported by cutting-edge technology and its innovative products, we look forward to creating a new kind of banking experience for our customers. Combining these two successful local banks gives us the scale and diversity needed to fully capitalize on our growth ambitions,” Saddek Omar El Kaber, Chairman of Bank ABC Group, stated.
The legal merger triples the bank’s market share and takes its total assets to EGP 67 billion on a combined basis.
A new board and leadership team will oversee the integration of the two banks. Branches and ATMs of both Bank ABC Egypt and BLOM Bank Egypt will continue to provide the same access to existing services to their customers throughout the integration process.
Over the coming months, BLOM Bank Egypt branches and ATMs will be rebranded to Bank ABC however they will continue to provide access to their existing services until the process of integration completes.
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