Blom Bank Egypt

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Overview

Blom Bank Egypt is Egyptian commercial banking subsidiary of Blom Bank Lebanese parent BSE: BLOM + Blom Bank Lebanese parent ~99%+ controlling pre-Apr 17 2022 Arab Banking Corporation Bahrain BHB: ABCB ~$427M acquisition then Bank ABC Egypt rebrand + one of Egypt's mid-sized foreign-owned commercial banks + founded Aug 14 1929 in Cairo Egypt as Misr Romanian Bank then 2005 Blom Bank Egypt acquisition ^{1, Egypt report}.

History

Aug 14 1929 — Misr Romanian Bank founded in Cairo Egypt as Egyptian-Romanian joint commercial bank under Egyptian banking modernisation distinctive Egyptian banking heritage.

2005 — Blom Bank Lebanese parent BSE: BLOM acquires Misr Romanian Bank consolidating into Blom Bank Egyptian commercial banking subsidiary.

Apr 17 2022 — Arab Banking Corporation Bank ABC BHB: ABCB Bahraini parent acquires Blom Bank Egypt from Blom Bank Lebanese parent for ~$427M consolidating into Bank ABC Egypt distinctive Egyptian-Bahraini banking consolidation.

Ownership & operator

Operating entity: Blom Bank Egypt SAE (Egyptian commercial bank consolidated into Bank ABC Egypt post-Apr 17 2022 Arab Banking Corporation acquisition).

Major shareholders: Arab Banking Corporation Bank ABC (BHB: ABCB; Bahraini wholesale + commercial bank) ~99%+ controlling post-Apr 17 2022 ~$427M acquisition.

Regulators: Central Bank of Egypt CBE + Central Bank of Bahrain CBB via Bank ABC parent (post-2022).

Technical integration

Blom Bank Egypt mobile app discontinued + blom.com.eg discontinued (consolidated into Bank ABC Egypt branded successor) + Blom Visa + Mastercard + Meeza Egyptian national card scheme cards transitioned to Bank ABC Egypt; Meeza national card scheme + Meeza QR (Egyptian national QR payment scheme) + Egyptian Pound EGP domestic transfers.

Implementations & partners

Parent group: Arab Banking Corporation (Bank ABC) (Arab Banking Corporation Bank ABC; BHB: ABCB; Bahraini wholesale + commercial bank).

Major Egyptian banking + payments competitors: National Bank of Egypt (NBE) (National Bank of Egypt NBE) + CIB (Commercial International Bank Egypt) (Commercial International Bank CIB; CASE: COMI) + Banque Misr (BM Online + onebank) (Banque Misr) + QNB AlAhli (QNB Al Ahli Bank Egypt) + Arab African International Bank (AAIB) (Arab African International Bank AAIB) + HSBC Egypt (HSBC Egypt) + FAB Egypt (FAB Egypt) + Emirates NBD Egypt (Emirates NBD Egypt).

Regulators: Central Bank of Egypt CBE + Central Bank of Bahrain CBB via Bank ABC parent (post-2022).

Status

Integrated into Bank ABC Egypt, Egyptian commercial banking subsidiary of Blom Bank Lebanese parent BSE:BLOM + Blom Bank Lebanese parent ~99%+ controlling pre-Apr 17 2022 Arab Banking Corporation Bahrain BHB:ABCB ~$427M acquisition then Bank ABC Egypt rebrand + one of Egypt's mid-sized foreign-owned commercial banks + founded Aug 14 1929 in Cairo Egypt as Misr Romanian Bank then 2005 Blom Bank Egypt acquisition ^{1, 2}.

Sources

1 Blom Egypt — historical
2 Blom — Wikipedia
^{Egypt report} In-corpus: reports/countries/EG-egypt.md

Source

Biography extracted from blom-egypt.md. See matrix.md for standards-support matrix if present.