Middle East Deals: Emirates NBD in Talks to Buy Lebanese Bank’s Egyptian Unit - Bloomberg:
Emirates NBD PJSC started preliminary talks to buy the Egyptian unit of Lebanese lender Blom Bank SAL after last week’s explosion forced the Beirut-based company to review its strategy.
Discussions are ongoing and there is no certainty that a deal will be completed, Dubai-based Emirates NBD said in a statement on Thursday.
Earlier this month, Blom Bank said it was considering several strategic options, including a sale of its stake in Blom Bank Egypt in response to the depressed outlook for Lebanon’s domestic banking industry. Blom’s Egypt unit has 42 branches and is active in retail and corporate banking, according to its website.
Lebanese banks are struggling to shore up their finances as the Arab nation grapples with its worst economic crisis in decades. The country was already battling soaring inflation, a rapid devaluation of the Lebanese pound and a shrinking economy before the blast ripped through the capital’s port on Aug. 4.
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