The two have merged into a single entity after receiving final regulatory approvals, including those of the Central Bank of Egypt and GAFI
Tharwat will be taking the role as Bank ABC is in the final stages of its acquisition of BLOM Bank Egypt
The merger is still subject to regulatory approval and expected to conclude in Q1 2022
The MTO, submitted by Bank ABC, is for the former to purchase up to 300 million of BLOM Bank’s shares, valued at $427 million, equivalent to EGP 6.7 billion
This is not the first time we have heard news of the merger, with Bank ABC and Blom Bank Egypt announcing the transaction way back in January
