Arab Banking Corporation (ABC) sent in a request to Egypt’s Financial Regulatory Authority (FRA) for the approval of its mandatory tender offer (MTO). This offer is for the outright purchase of Blom Bank Egypt’s entire holding.
According to a document published by ABC, it secured the FRA’s approval on the MTO on the 18th of July. The lender also has all the needed regulatory approvals to finalize its acquisition of the Egyptian lender.
The firm also noted that the tender offer will be valid from the 25th of July to the 5th of August, adding that the purchase will be finalized after the expiration of the offer, because of certain procedures that still require settling.
ABC has considered Egypt one of its major markets since launching in the North African nation through its purchase of Egypt Arab African Bank’s entire operation in 1999.
In an official statement, the bank said “Blom Bank Egypt will contribute to upscale Bank ABC’s Egyptian footprint, which is fully aligned with Bank ABC’s strategy ‘to be MENA’s leading international bank.”
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