Bank ABC completes merger with BLOM Bank Egypt

Bank ABC Egypt has completed its merger with BLOM Bank Egypt, marking the beginning of a new era of growth.

This historic merger for Bank ABC triples it market share in Egypt and combines the strengths of the two leading financial institutions; creating a new entity that is ready to deliver a new kind of banking to its customers.

Bank ABC Group chairman Saddek El Kaber said: “I would like to extend my sincere gratitude to all those who played a vital role in making this merger a reality. I would especially like to thank the Central Bank of Egypt, for their guidance, approval and support throughout this process.

I would also like to thank our dedicated staff for their hard work which has enabled the group to grow its franchise in this key regional market.”

Bank ABC Group chief executive Sael Al Waary said: “The combined bank is poised for growth, innovation and to introduce a new kind of banking. With our combined expertise and vision for the future, we are equipped to better serve our clients.

I would like to take this opportunity to thank our clients who entrusted us throughout this journey and to thank the Bank ABC Egypt combined team for their dedication, perseverance and for being part of this major milestone for the Bank ABC Group.”

Since the legal merger in January 2023, a detailed integration programme has examined every aspect of the bank’s business and operational infrastructure, seeking to preserve the best of both banks, to create a stronger competitive and overall customer value proposition.

The merger has doubled Bank ABC’s network of branches and ATMs, with the best of both banks now integrated into a more competitive proposition.

Bank ABC Egypt managing director and chief executive Amr Tharwat said: “Now our integration is complete, we’re determined to deliver on our promise of creating the best banking experience possible for our customers.

We want to set new standards for banking in Egypt, starting with the launch of a brand-new mobile app for our retail customers, along with online trade and cash management tools for business.

I’m exceptionally proud of our teams and their commitment in positioning Bank ABC Egypt to realise its future growth potential.”

Bank ABC Group is headquartered in Bahrain, with an international banking network spanning five continents serving retail and corporate customers.

Source: https://www.gdnonline.com/Details/1307251