Bank ABC Egypt successfully completes integration with BLOM Bank Egypt

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

Bank ABC Egypt announced the successful completion of its merger with BLOM Bank Egypt, marking the beginning of a new era of growth for the Bank.

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 Omar 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.”

Bank ABC Group CEO, 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.”

Since the legal merger in January 2023, a detailed integration program 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 MD and CEO, 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.”