Manama, Bahrain: Bank ABC (Arab Banking Corporation B.S.C.) has
completed the legal merger of its two Egyptian subsidiaries BLOM Bank Egypt and
Bank ABC Egypt. The two banks have now become a single legal entity after
receiving final regulatory approvals, including those of the Central Bank of
Egypt and the General Authority for Investment and Free Zones. This follows
Bank ABC’s acquisition of a 99.5% stake in BLOM Bank Egypt in August 2021. The
two banks will continue to operate a normal service while work continues to
fully integrate their products and services.
Bank ABC Group Chairman, H.E.
Saddek Omar El Kaber,
commented: “The completion of our legal merger is another solid step towards
strengthening our presence in the Egyptian market. With Bank ABC Group’s
international reach and experience, supported by cutting-edge technology and
its innovative products, we look forward to creating a new kind of banking
experience for our customers. Combining these two successful local banks gives
us the scale and diversity needed to fully capitalise on our growth ambitions.”
The legal merger triples Bank ABC Egypt’s market
share and takes its total assets to EGP 67bn on a combined basis. A process of
integration will bring together the best of both banks into an enhanced service
proposition. All customers of the fully combined bank will be offered a wider
range of services, supported by a much larger network of branches and ATMs.
More innovative digital services are also planned, including Bank ABC’s
mobile-only bank ‘ila’ and leading payments capabilities of its subsidiary,
Arab Financial Services (AFS).
Mr. Sael Al Waary, Acting Group
CEO, Bank ABC commented: “As a global banking
franchise, we have a strong platform for sustainable growth, with a greater
capacity to innovate and a wider network to support our existing and new
customers. We are on our journey to build an exciting bank for the future. We
want to be the bank that offers the best experience with agility, efficiency
and innovation at the core of our services.”
Amr Tharwat, Bank ABC Egypt MD
& CEO commented: “With this merger,
our increased size, international capabilities and combined talent enable us to
offer unparalleled banking experience to the Egyptian market and become a bank
of choice in the country. We also remain focused on providing customers with a
full, uninterrupted service throughout our integration.”
A new board and leadership team will oversee the
integration of the two banks. Branches and ATMs of both Bank ABC Egypt and BLOM
Bank Egypt will continue to provide the same access to existing services to
their customers throughout the integration process. Over the coming months,
BLOM Bank Egypt branches and ATMs will be rebranded to Bank ABC however they
will continue to provide uninterrupted access to their existing services until
the process of integration completes.
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H.E. Saddek Omar El Kaber |
Mr. Sael Al Waary |
Amr Tharwat |
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