Arab Banking Corporation (B.S.C.) (BAX:ABC) signed a definitive agreement to acquire BLOM Bank Egypt S.A.E. from BLOM Bank SAL (BDB:BLBD) and others for EGP 6.7 billion on January 15, 2021. Under the terms of the transaction, consideration will be paid in cash amount of EGP 6.7 billion ($427 million). Post completion, BLOM Bank Egypt S.A.E. and Bank ABC Egypt will merge. BLOM Bank will sell shares by tendering its shares into a mandatory tender offer, which will be launched by the latter to all shareholders with BLOM Bank Egypt. As reported on July 13, 2021, Arab Banking Corporation submitted a draft mandatory tender offering to acquire 300 million shares or 100% of the issued capital of Blom Bank Egypt for EGP 22.33 per share. The purchase offer submitted by Bank ABC is currently under review by the FRA. Transaction is subject to obtaining the necessary regulatory approvals in the Kingdom of Bahrain, Egypt and Lebanon including the Central Bank of Egypt (CBE) and its Lebanese counterpart, Banque du Liban. Transaction is also subject to Egypt's Financial Regulatory Authority (FRA). As of July 18, 2021, The Egyptian Financial Regulatory Authority approved the transaction. Transaction is subject to close in first half of 2021. As of February 21, 2021, the transaction is expected to be completed in the second quarter of 2021. The validity period of the offer is 10 working days, ending on August 5, 2021.

CI Capital Holding For Financial Investments (S.A.E) (CASE:CICH) acted as financial advisor to BLOM Bank SAL. HSBC Bank Middle East Limited acted as financial advisor and Freshfields Bruckhaus Deringer LLP alongside Zulficar & Partners acted as legal advisors to Arab Banking Corporation (B.S.C.). Mohamed Ghannam and Mohamed Barakat of Helmy, Hamza & Partners, Mohamed Ghannam of Baker McKenzie Cairo acted as a legal advisor to BLOM Bank SAL for the transaction.

Arab Banking Corporation (B.S.C.) (BAX:ABC) completed the acquisition of 99.54% stake in BLOM Bank Egypt S.A.E. from BLOM Bank SAL (BDB:BLBD) and others for EGP 6.7 billion on August 5, 2021. The offer period ended on August 5, 2021, and 298.62 million shares of BLOM Bank Egypt's total 300 million shares have been sold in a mandatory tender offer. The acquisition has reached final completion stage on August 11, 2021 following a successful Mandatory Tender Offer and receipt of all necessary regulatory approvals. Transaction completed after all the regulatory approvals and relevant completion conditions were fulfilled. Baker & McKenzie LLP acted as legal advisor to BLOM Bank SAL (BDB:BLBD).