Emirates NBD, Dubai’s largest bank, said it has started preliminary talks to buy the 41-branch Egyptian unit of BLOM Bank after last week’s explosion led the Beirut-based bank to review its strategy.
Discussions are ongoing and there is no certainty that a deal will be completed, Emirates NBD said in a statement.
BLOM Bank had previously declared it was considering several strategic options, including selling BLOM Bank Egypt due to the depressed outlook for Lebanon’s domestic banking industry.
Emirates NBD has a sizable presence in Egypt. In a $500 million deal in 2012, it acquired the local business of France’s BNP Paribas SA. Emirates NBD was formed in October 2007 and its shares were listed on the Dubai Financial Market (DFM).
In 2019, Emirates NBD reported a net profit of AED14.5 billion ($4 billion) and total assets of more than AED683 billion ($186 billion).
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