Emirates NBD is in talks with the management of the “BLOM Bank”, known as “Blom Bank”, to present a formal offer to buy the group’s unit in Egypt, according to what was published by “Bloomberg” agency.
Among the bank’s most prominent competitors is the Bahraini Arab Banking Corporation (ABC). The Lebanese Blum Group needs about $ 240 million to increase its capital to comply with the instructions of the Lebanese government, which prompted it to announce the sale of its units in Egypt, whose profits account for about 46% of the group’s total profits. “Blom Misr” started operating in 2005 and the number of its branches in Egypt currently stands at 41, and the paid-up capital of the bank is 2 billion pounds ($ 126 million).
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