bankabc

[bankabc]

Committed to protecting our environment, we are proud to share that Bank ABC reduced its Scope1 Greenhouse emissions by 40% in 2022 by upgrading the air conditioning across the Group’s real estate. As part of the group Sustainability Strategy, the Bank is moving forward with a multi-year program to further reduce its environmental impact.

#WorldEnvironmentDay #Sustainability

[bankabc]

Bank ABC’s ‘ABC Labs’ named as one of the World’s Best Financial Innovation Labs by Global Finance

The international banking group was honoured by world’s leading tech and finance experts, for its ‘Top Innovations in Finance’ and as one of ‘World’s Best Financial Innovation Labs.’​  

Manama, Bahrain: Bank ABC has won two distinguished awards at Global Finance’s much-coveted The Innovators Awards -2023. The Bank’s innovation and digitisation centre, ABC Labs, has been named as one of “the World’s Best Financial Innovation Labs”, a recognition given to leading financial innovation labs that are driving the digital revolution in the global banking industry. With its ground-breaking initiatives and a forward-thinking, agile innovation approach, ABC Labs was commended for driving transformative change in the region and beyond. 

ABC Labs, led by Bank ABC’s Group Innovation function, was launched in 2019 and operates from a cutting-edge facility, with state-of-the-art digital tools. The Labs run an extensive and unique enterprise-wide innovation programme aimed at disrupting traditional banking models. The ABC Labs team closely collaborates with customers, regulators, technology providers, financial institutions and fintech’s across the Bank’s global footprint to foster growth and transformation within the industry and broader economy. 

Bank ABC has also been presented with the ‘Top Innovations in Finance’ award, an accolade that underscores the Bank’s outstanding Digital Transformation Programme which delivers an unparalleled, personalised banking experience to corporates and individuals.

The Bank’s ongoing digital transformation journey is dedicated to building a digitally-empowered, sustainable ‘bank of the future’. Guided by an agile, Cloud-first digital innovation strategy, the multi-year initiative is designed to drive further operational efficiencies, disrupt legacy banking models and systems, and enable the Bank to achieve digital leadership by truly transforming the way banking services are delivered to its customers. 

Bank ABC’S Group CEO, Mr. Sael Al Waary said: “Innovation is at the heart of our strategy as we continue our digital transformation journey to build a more intuitive and sustainable bank of the future. We are honoured and proud to accept this prestigious recognition for our world-class innovation lab, ABC Labs. This award acknowledges our commitment to staying ahead of the curve and embracing emerging technologies such as AI, Blockchain and Data Analytics. It is a testament to our commitment to delivering enhanced customer experiences and encourages us to continue to invest in our innovation and digital initiatives.” 

“I would like to sincerely thank Global Finance for this recognition, our Board of Directors for their continued support for our ambitious innovation and digital transformation journey and, thank you to our dedicated employees across the Group for embracing innovation and continuously working to deliver the Bank’s vision for the bank of the future.” 

Global Finance’s Publisher & Editorial Director, Joseph Giarraputo notes, “Bank ABC continues to put digital innovation as a key strategic priority in providing world-class customer focused banking initiatives. It is playing a key role in the Gulf region’s first blockchain-based cross-border instant payment solution. Through ABC Labs, the Bank is collaborating with several central banks, including the Central Bank of Bahrain ‘CBB’, in studying and launching central bank digital currencies and is now scaling up its payment services for corporate clients.” 

Since inception, ABC Labs established the digital architecture and agile methodologies to enable the Bank’s strategic objectives. These steps enabled the launch of ‘ila Bank’ - a revolutionary digital mobile-only retail offering, and the development of an emotionally intelligent AI-powered digital assistant ‘Fatema’ among other achievements. 

Bank ABC’s digital transformation programme has resulted in multiple ground-breaking digital deployments. Most recently, the Bank introduced a regional-first digital corporate onboarding service, reducing the account opening process to less than a day.  It is also digitising its Supply Chain Finance, Documentary Trade Finance and Cash management businesses. 

In its eleventh edition, Global Finance Innovators Awards celebrates entities that consistently identify new paths and design innovative tools in finance. The winners were chosen by a distinguished editorial board in consultation with experts in the innovators’ areas of focus. ABC Labs excelled across the selection criteria and emerged as a winner of the Financial Services Company Labs category.

[bankabc]

A high level delegation from Bank ABC Group's senior management, led by  Acting Group CEO, Sael A Waary, visited one of the most important regional markets for the Bank, Libya. The Bank hosted a dinner reception for key clients and dignitaries, in which Mr. Al Waary highlighted Bank ABC's continued commitment towards the country, defining a new era for the Bank’s business in Libya, while embracing a digital transformation journey towards building our bank of the future.

[bankabc]

A senior Bank ABC delegation led by Acting Group CEO, Sael Al Waary, successfully concluded a three-day visit to Tripoli, that featured a number of high-profile meetings with clients and shareholders.

[bankabc]

Bank ABC emerges the Middle East Winner of The Banker Transaction Banking Awards 2022 

Premier international banking award programmes honours Bank ABC for its multi-year digital transformation programme and proactive growth strategy for Transaction Banking to build a client-centric ‘bank of the future’.

2022-09-01

Manama, Bahrain: Bank ABC, MENA’s leading international bank, has won The Banker Transaction Banking Awards 2022, for Middle East by the Financial Times. The Banker’s highly coveted awards are an industry benchmark for banking excellence, adjudged by industry stalwarts and its top editors.

The award stands testament to Bank ABC’s consistent efforts to develop a stronger, more resilient bank for its corporate banking clients, by way of accelerating its ambitious digital transformation programme, driven by innovation, in thought and action. 

This win comes on back of Bank ABC’s aims, objectives and ambitious strategy that is enhancing its Transaction Banking offering.  The accelerated transformation programme has started showing increasing total trade volumes that have supported subsequent annual market share growth. 

Commenting on this achievement, Bank ABC’s Acting Group CEO, Mr. Sael Al Waary remarked: “It is our great honour to win The Banker’s Transaction Banking Award for the Middle East, and I thank the Financial Times for this esteemed recognition. We at Bank ABC recognised early, that adopting a “digital-only” model is the only way forward for our industry and have been steadfast in developing the “bank of future.” It is our focused strategic direction that has resulted in enhanced customer engagement and improved returns for the Bank, and in addition to that, extensive recognition.”

In their evaluation, the judges took into account how “busy” Bank ABC has been, “Working on wholesale banking digital transformation programme, starting with Global Transaction Banking with digital capabilities gone live across Cash Management, Documentary Trade and Supply Chain Finance.” 

“As we gain further momentum on this strategic programme, I believe we should also take a moment to recognize that our efforts are not just transforming Transaction Banking business within Bank ABC but are driving a larger transformational impact on the industry in the region,” remarks Amr ElNokaly, Group Head of Wholesale Banking at Bank ABC. “Such recognition indeed reinforces our confidence in our efforts to take Transaction Banking in Middle East to the next level.” 

Winning this accolade has further solidified Bank ABC’s position as the bank of choice in the MENA region, as it continues to stand out for offering unmatched, market-leading financial services. 

[bankabc]

2022-08-10

Manama, Bahrain: Bank ABC (Arab Banking Corporation B.S.C.) - Bahrain Bourse Trading Code “ABC” - today announces its results for the first half of 2022.

Bank ABC continues to build on its robust performance trajectory with H1 Total Operating Income crossing the $500 million mark for the first time in history, reflecting good underlying business growth and consolidation of BLOM Bank Egypt S.A.E. (“BBE”). The Group is weathering the unexpected headwinds from geopolitical developments and persistent high inflation across some markets, being counterbalanced by sustained high oil prices and improving economic activity in other markets, as well as rising interest rates. The merger and integration of BBE along with our digital and other strategic initiatives are progressing well. Bank ABC maintains its strong balance sheet and capital position.

[bankabc]

One of the world’s most respected innovation award programmes recognises the Bank’s ambitious digital transformation strategy and ground-breaking initiatives.

Manama, Bahrain: Bank ABC, MENA’s leading international bank, has emerged as the Middle East Winner at ‘The Banker’s Innovation in Digital Banking Awards 2022’ by the Financial Times. The award underscores the success of the Bank’s multi-year Group digital transformation programme aimed at building the ‘bank of the future,’ while fuelling innovation and digital banking transformation in the MENA region and beyond. It recognises the Bank’s agile cloud-only innovation approach centred around customer needs and endeavours to enhance, leapfrog and disrupt legacy wholesale and retail banking models.

Commenting on this award, Bank ABC Acting Group CEO, Mr. Sael Al Waary remarked: “We are honoured to be recognized as the Middle East winner in The Banker’s Innovation in Digital Banking Awards 2022. Receiving this award inspires us to continue to invest and innovate to create the bank of the future. Innovation is at the heart of our strategy, and we are committed to creating a new digital platform leveraging our digital eco-system to deliver the best banking experience for our customers.” 

“I sincerely thank The Banker for this prestigious recognition and our Board, shareholders and colleagues for their commitment to our ongoing digital transformation journey.”

On behalf of The Banker, the Deputy Editor, Liz Lumley said, "Bank ABC impressed with its comprehensive transformation of both the retail and wholesale bank to take advantage of cloud-native technologies, Artificial Intelligence (AI), data analytics and open APIs, while the goals of ABC Labs presented a clear and mature innovation strategy." 

The evaluation took into account three key examples, namely the Wholesale Bank’s accelerated digital transformation and leading-edge digital deployments that have transformed client experience, including a regional-first digital corporate onboarding service and modernised Supply Chain Finance platform; the continued customer-driven innovation at the digital mobile-only ila Bank, including 24 app releases within the last 18 months; and the role of ABC labs in spearheading digital innovation within the Group and across the industry. 

Most notably, ABC Labs facilitated a flagship digital currency payment, in collaboration with the Central Bank of Bahrain and JP Morgan, and led a major Cloud transformation exercise for the Wholesale Bank, enabling it to become increasingly agile, innovative and data-driven.

The Banker’s highly coveted Innovation in Digital Banking awards are considered the benchmark for innovation excellence and recognizes the most transformative digitisation initiatives in the global banking industry. In addition to evaluating leading-edge technology implementations, the organisers gauged the role of leadership, culture and collaboration in attaining success, and Bank ABC has excelled across all these dimensions. 

[bankabc]

Bank ABC invites autonomous financial advisory solution providers to participate in its innovation challenge closing on June 26

Hosted as part of Bahrain Open Banking Supernova 2022, the challenge reflects the bank of the future’s commitment to develop effortless digital-first corporate and consumer banking experiences.​

2022-06-22 Manama, Bahrain: Bank ABC, MENA’s leading international bank, invites autonomous financial advisory solution providers to participate in its innovation challenge hosted as part of Bahrain Open Banking Supernova 2022, led by the Central Bank of Bahrain. The challenge, which closes on June 26th, 2022,  is aimed at scouting unique technological solutions to power the Bank’s AI-driven, emotionally intelligent, digital human assistant, ‘Fatema’ to serve as an autonomous financial advisor for corporates and individuals.

This initiative comes as part of Bank ABC’s comprehensive multi-year Group Digital Transformation Programme aimed at building a client-centric ‘bank of the future,’ driving digital transformation in financial services in the MENA region and beyond.  Bank ABC’s innovation challenge is open to regional and global solution providers, leveraging open banking ecosystems. The proposed solution will be utilized to enable the Bank’s digital human avatar ‘Fatema’ to serve as a smart ‘Digital Financial Advisor’ and further augment her existing intuitive customer support capabilities.  Commenting on the innovation challenge, Dr. Yousif Almas, Group Chief Innovation Officer, Bank ABC said: “At Bank ABC, we envisage the future of banking to be very different from the current way of banking. We endeavor to be at the forefront of shaping the future of banking as we make it more intuitive, integrated and flexible for our clients.” 

“The winning solution will be considered for integration with our Digital Assistant’s human-like conversational AI capabilities to offer corporates and individuals instant contextual financial advisory services, at their convenience. It may also enable the Bank to effectively communicate in sign language and ultimately spur financial inclusion in the region,” he added.  The proposed solution must connect the Bank’s ‘Digital Assistant’ to an open banking infrastructure to enable it to provide holistic financial advisory services through a frictionless, secure and effortless experience. Furthermore, it should provide the digital assistant with the appropriate use cases and data visualisation capabilities through APIs. 

The full challenge criteria, technical requirements and Terms & Conditions are available on Finhub973’s website.The winner will be announced on July 25th, following two shortlisting rounds on June 30th and July 7th, and if ready, will be given the opportunity to develop a proof-of-concept (POC) by integrating the proposed solution with the Bank’s Digital Assistant (Fatema).​

[bankabc]

Bank ABC announces Q1 2022 results with a net profit of US$31 million attributable to the shareholders of the parent

Manama, Bahrain: Bank ABC (Arab Banking Corporation B.S.C.) - Bahrain Bourse Trading Code “ABC” - today announces its results for the first quarter of 2022.

The Group has started the year on a robust footing, continuing from the progress achieved in 2021, a year of recovery from post-pandemic conditions. The integration of Group’s acquisition of BLOM Bank Egypt S.A.E (“BBE”) is progressing well, with the legal merger in advanced stages of regulatory approval. The Group has also concluded an issue of Additional Tier 1 capital, further strengthening its capital position, which was recognised in Standard and Poor’s  affirmation of Bank ABC’s investment grade rating of BBB-, while upgrading its outlook to ‘Stable’.

Key highlights of Q1 performance:

Net profit attributable to the shareholders of the parent of $31 million with cost of risk returning to pre-pandemic levels, reflecting a better economic outlook and the resilience of the Group’s asset portfolio.

Total Operating Income grew both on a headline (36%) and underlying* (28%) basis reflecting higher volumes, consistent margins and benefiting from consolidation of BBE.

Operating expenses on a headline basis was higher than prior year, with integration of BBE and with the business returning to normal level of activity compared to previous year. The group remains focused on disciplined cost control while continuing investment into digital transformation to build its ‘bank of the future’.

Balance sheet remains strong with capital and liquidity ratios well above the regulatory requirements: the Group’s T1 Ratio is 16.6%, comprising predominantly 14.7% CET1, LCR 247% and NSFR 124%.

Bank ABC's Group Chairman, Mr. Saddek Omar El Kaber remarked, “We are extremely pleased with the Group’s  solid profitability for the first quarter of 2022, achieved despite geo-political, industry and market challenges.  Bank ABC continues to achieve great progress on its transformation journey to build a “bank of the future”, while focusing firmly on its balance sheet strength, as evidenced by the Group’s AT1 issue and the change in outlook to ‘Stable’ by Standard and Poor’s”.

A more detailed summary of the Financial Results is explained below:  

Q1 2022 Business Performance

Consolidated net profit attributable to the shareholders of the parent, for the first quarter of 2022 was US$31 million, 3% higher compared to US$30 million reported for the same period last year.  

Earnings per share for the period was US$0.01, unchanged from the corresponding period last year.

Total comprehensive income attributable to the shareholders of the parent was US$8 million, compared to a loss of US$16 million reported for the same period last year. This arose from a net impact of foreign exchange translation in foreign subsidiaries and change in fair value of debt instruments.

On a headline basis, Total Operating Income was US$247 million, 36% higher compared to US$182 million reported for the same period last year. On an underlying basis*, Total Operating Income was at US$253 million for the period, compared to US$197 million for the same period last year, benefitting from the consolidation of BBE.

Net interest income was US$177 million, 45% higher against US$122 million reported for the same period last year, supported by higher loan volumes, consistent margins and the addition from BBE.

Operating expenses were at US$159 million, 27% higher than US$125 million for the same period last year, from a combination of consolidation of BBE as well as the Group returning to a more normal level of activity. The Group continues to enforce appropriate cost discipline without compromising on investments into the Group’s digital transformation and strategic initiatives.

Headline Net Operating Profit before credit loss expense and taxation was US$88 million, 54% higher compared to US$57 million reported for the same period last year.  On an underlying basis*, the Group achieved a Net Operating Profit before credit loss expense and taxation of US$94 million for the quarter, 31% higher compared to US$72 million in Q1 2021, also with the addition of BBE.

Impairment charges (ECL) for the period were US$25 million compared to US$20 million reported for the same period last year, broadly in line with our historic credit loss experience.  

Tax charge US$20 million, compared to US$1 million for the first quarter of 2021, the variance largely arising from the tax treatment of currency hedges in Banco ABC Brasil (BAB) which have an offsetting impact in Total Operating Income. On an underlying basis*, tax charge for the period was at US$17 million compared to US$16 million for the same period last year.  

Balance Sheet

Equity attributable to the shareholders of the parent and perpetual instrument holders at the end of the period was US$4,221 million, compared to the US$3,872 million at the 2021 year-end, 9% higher, benefiting from the Additional Tier 1 capital issued during the quarter and after absorbing dividends paid for 2021.

Total assets stood at US$34.8 billion at the end of the period, broadly in line with the US$34.9 billion at the 2021 year-end.

Loans and Advances were 2% higher for the quarter at US$17.0 billion compared with levels of US$16.8 billion at 2021 year-end reflecting the Group’s selective underwriting and a strengthening in BRL FX rate.

Deposits were at US$24.9 billion, compared to the levels of US$25.8 billion at 2021 year-end.

Liquidity ratios are strong with LCR and NSFR at 247% and 124% respectively with comfortable buffer and liquid assets to deposits ratio at 51%.

Capital Ratios strong: CET1 at 14.7%, Tier 1 at 16.6% and total Capital Adequacy Ratio (CAR) at 17.6%.

Bank ABC is a leading player in the region’s banking industry and provides innovative wholesale financial products and services that include corporate banking, trade finance, project and structured finance, syndications, treasury products and Islamic banking. It also provides retail banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria and through ila Bank in Bahrain.

The full set of the financial statements and the press release are available on Bahrain Bourse’ and Bank ABC websites.

*’On an underlying’ basis referred above calculated after adjusting for normalisation of tax treatment of currency hedges in Banco ABC Brasil which have an offsetting effect between Income and tax, FX depreciation and other one-off exceptional items.  Further details are explained in the Investor Presentation available on Bank ABC’s website

[bankabc]

S&P upgrades Bank ABC’s outlook to ‘Stable’ and affirms its BBB-/A-3’ ratings

The upgrade is largely attributed to the Bank’s enhanced capital position, stabilised asset quality and solid funding position

Manama, Bahrain: Standard & Poor’s Global Ratings (S&P) has upgraded Bank ABC’s rating to “Stable” from “Negative”, while affirming its long and short-term issuer credit ratings of ‘BBB-/A-3’. This revision comes on the back of the Bank’s prudent capital enhancement and risk management actions in recent months.

The outlook revision follows the private placement of a US$390 million AT1 instrument in March 2022, which was fully subscribed by the Bank’s largest shareholder, the Central Bank of Libya. It also reflects the Bank’s moderated dividend distribution policy of 30% of net profits, allowing capital retention  to match asset growth. Such measures are expected to raise the Bank’s S&P Risk Adjusted Capital (RAC) ratio to 10.3 -10.5%, compared to 9.6% at year-end 2021, which resulted from its acquisition of BLOM Bank Egypt. S&P have therefore restored the assessment of capital and earnings to Strong (+1) on its rating evaluation framework.

The revised rating also reflects Bank ABC’s normalising asset quality, with non-performing loans reduced to 3.4% of total loans at year-end 2021, compared to 5.2% the previous year, moderating to pre-pandemic levels.

The Bank’s solid funding and liquidity profile further contributed to its improved rating. Its highly supportive principal shareholders, the Central Bank of Libya and Kuwait Investment Authority, have a long track record of stability throughout economic cycles and market stresses, which also mitigates the Bank’s exposure to concentration risk.

Commenting on the rating upgrade, Dr. Khaled Kawan, Group Chief Executive Officer, Bank ABC said: “This outlook upgrade and affirmation of our ratings demons​trates the success of the prudent capital and liquidity management approach of the Bank, as it continues to expand its business model and pursue its strategic aspirations.”

[bankabc]

Bank ABC’s 2022 AGM approves US$31 million dividend and capital strengthening action to support future growth

MENA’s leading international bank reflects on its remarkable performance in 2021; shareholders approve the issuance of US$390 million AT1 securities and an increase in authorised share capital to US$4.5 billion.

Manama, Bahrain: Bank ABC (Arab Banking Corporation B.S.C) held its Annual Ordinary General Meeting (AGM) virtually on 23 March 2022. In addition to the AGM, the Bank held an Extraordinary General Meeting (EGM) this year, both chaired by the Chairman of the Group Board, Mr. Saddek Omar El Kaber.

During the AGM, the shareholders approved, amongst other resolutions, the consolidated financial statements for the financial year ended 31 December 2021, with a net profit attributable to shareholders of US$100 million, underpinned by excellent revenue growth and normalised ECL charges. They also approved the recommendation to distribute a dividend of US$31 million, approximately 30% of the Group’s annual profits, ensuring that the Group retains sufficient equity to drive future growth without depleting its capital ratios.

During the EGM, Bank ABC obtained the shareholders’ approval for an issuance of US$390 million AT1 securities, which will increase the Bank’s Tier 1 capital ratio by approximately 130 basis points, taking it back above 17%. Additionally, the Bank obtained the shareholders’ approval to increase its authorised share capital from US$3.5 billion to US$4.5 billion, which will provide for any capital actions necessary to support future growth.

Another key outcome of the AGM was the election and appointment of the members for the Group’s Board of Directors on its 14th term for three years.

Bank ABC’s Chairman, Mr. Saddek Omar El Kaber, remarked, “As we welcome the new board of the Bank and we thank the outgoing board for its achievements, we also celebrate the Bank’s robust results, with a net profit of US$100 million, which demonstrate the strength and resilience of our ambitious strategy. Moreover, our solid balance sheet and prudent and disciplined governance and risk management approach, together with our investments in building a digitally driven ‘Bank of the future’ and our historic acquisition in Egypt, position us well for significant further growth in 2022.”

[bankabc]

Mazen Ladki, Head of Corporate Treasury, talks about Bank ABC's commitment towards promoting financial literacy in a short video as part of our participation in Bahrain Bourse 'Ring the Bell for Financial Literacy' campaign to support the World Investor Week 2021. #WorldInvestorWeek #IOSCOWIW2021

[bankabc]

Bank ABC expands presence in Egyptian market by closing the acquisition of BLOM Bank Egypt

Effective 11 August, Bank ABC has completed the acquisition of BLOM Bank Egypt, following a successful mandatory tender offer and securing all necessary regulatory approvals

The acquisition will more than triple Bank ABC’s market share in Egypt and create a new platform to turbocharge growth in this core MENA market

Bank ABC is set to more than double its branches in Egypt, diversify service offerings for wholesale, retail, SME, and corporate customers, and offer an unparalleled digital banking experience

Manama, Bahrain: Arab Banking Corporation (B.S.C.) (“Bank ABC”) today announced the completion of its acquisition of a 99.5% stake in BLOM Bank Egypt S.A.E. (“BLOM Bank Egypt”), significantly enhancing Bank ABC’s presence in the MENA region, and deepening its roots in the Egyptian market. This announcement follows the successful completion of the Mandatory Tender Offer (“MTO”), share transfers and the release of the purchase price of $425m to BLOM Bank S.A.L. (“BLOM Bank Lebanon”) and the minority shareholders that tendered their shares in the MTO.  This represents a multiple of 1.37x based on BLOM Bank Egypt’s book value as of March 2021.

Leveraging Bank ABC’s more than 20 years of experience in Egypt and BLOM Bank Egypt’s strong reputation and market presence, Bank ABC aims to expand growth opportunities and strategically increase offerings available for wholesale, corporate, and retail customers alike. Bank ABC Egypt and BLOM Bank Egypt will continue operating as separate entities until the legal merger is completed, which is subject to regulatory approval and expected to conclude in Q1 2022.

The combined entity would more than triple Bank ABC’s market share and take its balance sheet to approximately EGP 60bn on a combined basis. Customers are set to experience expanded service offerings, access to an additional 41 branches (more than doubling Bank ABC Egypt’s current branches), and a range of digital banking services, leveraging Bank ABC’s innovative digital capabilities such as its mobile only digital bank ila, and its leading payments capabilities in its subsidiary, Arab Financial Services.

With a track record of performance in 15 markets across 5 continents, Bank ABC’s robust financial balance sheet would provide the combined entity with the required scale and support to reach a larger customer base, ensure superior asset quality and execute higher international financial transactions with a strong foothold across the MENA region. This latest development in Bank ABC’s operations will enhance its ability to deliver in the region and open a gateway to and from Egypt for Bank ABC’s customers.

Bank ABC Group Chief Executive Officer, Dr. Khaled Kawan, commented: “The acquisition of BLOM Bank Egypt is a landmark moment for Bank ABC. We have been searching for the right opportunity for many years—seeking an acquisition that further cements our reputation as MENA’s leading international bank. This acquisition is a strategic fit for both banks, combining BLOM Bank Egypt’s strong market presence and heritage with Bank ABC’s track record of innovation. We expect the acquisition to unlock considerable synergies and growth potential, allowing maximisation of value across all our stakeholders. We would like to thank our advisors; HSBC, Freshfields Bruckhaus Deringer and Zulficar & Partners for their commitment and dynamism throughout the entire transaction process.” 

Mr. Saad Azhari, Chairman and General Manager of BLOM Bank Lebanon, commented: “BLOM Bank Egypt has delivered strong returns for our Group, and we are confident that it will continue this legacy of success as a part of Bank ABC Group. We wish the BLOM Bank Egypt team a great future in their new home. We would also like to extend a note of gratitude to CI Capital, our exclusive financial advisor, and Baker McKenzie, our legal advisor, for their exemplary work throughout this transaction.”

HSBC Bank Middle East is acting as the sole financial advisor to Bank ABC, with Freshfields Bruckhaus Deringer and Zulficar & Partners acting as legal advisors. CI Capital acted as the exclusive financial advisor to BLOM Bank Lebanon, while Baker McKenzie acted as legal counsel.  ​

 ​