Bahrain-based Arab Banking Corporation, the kingdom's second-largest lender, said it is in talks to buy the Egyptian unit of Lebanon’s Blom Bank.
"Discussions are at a preliminary stage, but there is no certainty that any transaction will be completed," Bank ABC said in a regulatory filing to the Bahrain bourse, where its shares trade.
“Bank ABC has a stated intention and strategy to consider inorganic growth opportunities and routinely evaluates such matters, and a further announcement will only be made if there is a material development.”
Last month, Emirates NBD, Dubai’s largest lender by assets, said it is also in talks to buy Blom Bank’s subsidiary in Egypt.
In May, First Abu Dhabi Bank, the UAE's largest lender by assets, mutually agreed to suspend talks to buy the Egyptian subsidiary of Lebanon's Bank Audi due to "unprecedented circumstances and the uncertain outlook relating to the Covid-19 pandemic".
Blom Bank, like other Lebanese lenders, needs to fulfill a requirement from Lebanon's central bank to increase its equity. The regulator issued the requirement last November as Lebanon faces its worst economic crisis in three decades. Lenders who are unable to raise their capital by 20 per cent by the end of February 2021 will have to get out of the market.
Blom Bank's 2019 annual profit of declined 77 per cent year-on-year as it booked impairments of 493 billion Lebanese pounds ($327 million or Dh1.2bn at the official exchange rate) to cover losses.
Reuters reported the sale of Blom's Egyptian unit could raise as much as $300m for the Lebanese lender. Blom Bank Egypt operates 39 branches in the North African country.
UAE currency: the story behind the money in your pockets
UAE%20ILT20
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
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Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
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Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
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“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
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“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
