Bahrain’s Arab Banking Corporation has acquired a 99.5 per cent stake in Blom Bank Egypt in a mandatory tender offer.
Bank ABC bought 298.62 million of Blom Bank Egypt’s 300 million shares for $424.05 million, the Egyptian Exchange said on Monday.
The Gulf lender had offered to acquire the local branch of the Lebanese lender for 22.33 Egyptian pounds ($1.42) per share, valuing the business at $427m.
The deal was announced in January and approved by Egypt’s Financial Regulatory Authority last month.
Bank ABC chief executive Khaled Kawan said at the time that the acquisition would give Bahrain’s second-largest lender “a significantly enhanced platform for future growth in one of the most attractive markets in the region”.
The bank already had a presence in Egypt through its subsidiary Bank ABC Egypt. It will now add Blom’s 41 locations to its 27-branch network.
The purchase includes Blom’s physical and non-physical assets as well as customer accounts.
HSBC Bank Middle East acted as the financial adviser to Bank ABC, while Freshfields Bruckhaus Deringer and Zulficar & Partners acted as legal advisers.
Blom Bank Lebanon was advised by CI Capital and Baker McKenzie acted as legal counsel on the deal.
Lebanese lenders have chosen to exit foreign markets as a political and economic crisis continues to damage the banking sector in their home country. Following Blom, Bank Audi will be the second Lebanese lender to exit Egypt.
Lebanon’s central bank had set a requirement for lenders to raise their capital defences by 20 per cent by the end of February, a struggle for many of the country’s institutions.
Bank Audi reached an agreement with First Abu Dhabi Bank, the UAE’s largest lender by assets, in January to transfer its Egypt assets for an undisclosed sum.
The share transfer, expected to be concluded next year, will make FAB’s Egyptian operations one of the country’s biggest foreign banks, with assets of $8.5 billion.
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Janet Yellen's Firsts
- In 2014, she became the first woman to lead the US Federal Reserve
- In 1999, she became the first female chair of the White House Council of Economic Advisers
Why are you, you?
Why are you, you?
From this question, a new beginning.
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For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
separated by history.
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A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
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Universal ideals, visions of art and truth.
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Come with questions, leave with visions.
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new answers are given wings.
Why are you, you?
Because we are mirrors of each other.
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with the unique light of art.
Ben Okri,
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
