Helmy, Hamza & Partners, Baker McKenzie Cairo office, has recently acted as the lead local and international legal counsel to BLOM BANK SAL (BLOM BANK) on its agreement to sell its 99.4% stake in BLOM BANK Egypt SAE (BLOM BANK Egypt) through a mandatory tender offer to Arab Banking Corporation B.S.C. (Bank ABC), an international Bahraini bank headquartered in Manama. The proposed amount for selling 100% of the share capital of Blom Bank's Egyptian subsidiary is EGP 6.7 billion (USD 427 million).
The sale agreement, which was signed on 15 January 2021, is planned to close by the end of the first half of 2021, subject to approvals of the Central Bank of Egypt and the Central Bank of Lebanon along with additional regulatory approvals in Egypt, Bahrain and Lebanon. The remaining 0.6% of the share capital of Blom Bank Egypt will be subject to a mandatory tender offer to be launched by the acquirer to all the minority shareholders of BLOM BANK Egypt once regulatory approvals are obtained.
Commenting on this highly important transaction, Mohamed Ghannam, Managing Partner and Head of Projects at Helmy, Hamza & Partners, Baker McKenzie Cairo said: "We are extremely honored to have been a long-term advisor to BLOM BANK on this significant transaction, which again demonstrates the ability of our cross-border team to successfully execute market-leading M&A transactions in the financial services industry.”
Our Banking, Finance and M&A team led by Partner Mohamed Ghannam, with the support of Partner Mohamed Barakat, Senior Associate Sameh Dahroug, and Junior Associate Mohamed El Hossamy, has advised BLOM BANK on this transaction.