Mubasher: Arab Banking Corporation (Bank ABC), listed on Bahrain Bourse, is in talks with Lebanon's Blom Bank to acquire its subsidiary in Egypt.
The negotiations are still at early stages and “there is no certainty that any transaction will be completed,” the bank said in a bourse disclosure.
In August, Bank ABC expressed its interest to acquire Blom Bank Egypt and asked the Central Bank of Egypt (CBE) to conduct the due diligence process.
The Bahraini lender is competing with Emirates NBD which previously said in it is preliminary discussions to acquire the Lebanese bank’s unit in Egypt.
