The two have merged into a single entity after receiving final regulatory approvals, including those of the Central Bank of Egypt and GAFI
Bank ABC has completed the legal merger of its two Egyptian subsidiaries BLOM Bank Egypt and Bank ABC Egypt. Bank ABC acquired a 99.5% stake in BLOM Bank Egypt in August 2021.
The two have merged into a single entity after receiving final regulatory approvals, including those of the Central Bank of Egypt and the General Authority for Investment and Free Zones, said a statement from the Bank ABC.
The legal merger will triple Bank ABC Egypt’s market share, upping its total assets to EGP 67 billion, the statement wrote.
“With this merger, our increased size, international capabilities, and combined talent enable us to offer unparalleled banking experience to the Egyptian market and become a bank of choice in the country. We also remain focused on providing customers with full, uninterrupted service throughout our integration,” said Bank ABC Egypt MD & CEO, Amr Tharwat.
According to the statement, a new board and leadership team will oversee the integration of the two banks.
BLOM Bank Egypt branches and ATMs will be rebranded to Bank ABC in the next few months, continuing to provide uninterrupted access to their existing services until the process of integration completes.
It also added that the bank is planning to introduce new digital services, including Bank ABC’s mobile-only bank ‘ila’ and leading payments capabilities of its subsidiary, Arab Financial Services (AFS).
“The completion of our legal merger is another solid step towards strengthening our presence in the Egyptian market,” said Bank ABC Group Chairman, Saddek Omar El Kaber.
“With Bank ABC 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,” he added.
