Potential deal is part of strategic options of Lebanese bank

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).

For more info, kindly click on our third party website at the following address.

Related Articles

Leave a Reply

Your email address will not be published.

Time limit exceeded. Please complete the captcha once again.

This site uses Akismet to reduce spam. Learn how your comment data is processed.