Cairo, Egypt, January 25, 2021 – 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 January 15th, 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.
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About Helmy, Hamza & Partners, Baker McKenzie Cairo
Helmy, Hamza & Partners, Baker McKenzie Cairo is one of the oldest established international law firms in the Egyptian legal market. Combining in-depth knowledge of local laws with the experience of a global firm, we help you navigate the legal and business landscape in Egypt and worldwide.
Baker McKenzie Cairo currently employs approximately 40 lawyers, including 4 partners and 8 of counsels, all of whom have an outstanding knowledge of the local legal, business, social and cultural environment. While most of us are Egyptian by training, we are all international and global in our know-how, experience and practice.
Collaborating with colleagues in other firm offices as well as with local law firms where needed, we can seamlessly guide you through the intricacies of Egypt’s regulatory environment without the interface issues that can occur between international and local counsel. Working as a cohesive team means we can provide efficient, high-quality service with less duplication.
We have unrivalled international resources across 78 offices worldwide. Practicing in Egypt since 1986, our firm is deeply committed to furthering your business interests both within the Middle East and globally.