Emirates NBD, Dubai’s largest lender, said it is in talks to buy the Egyptian unit of Lebanon's Blom Bank.
"Discussion are still ongoing and there is no certainty that any transaction will be completed," Emirates NBD said in a regulatory filing on Thursday to the Dubai Financial Market, where its shares trade. The lender said it "routinely evaluates potential opportunities in different markets and a further announcement will only be made if there is a material development".
Earlier this week, Blom Bank, Lebanon's second-largest lender by assets, said it is looking to sell its subsidiary Blom Bank Egypt and that the Central Bank of Egypt has given its approval to begin the due diligence process.
Blom said the completion of the sale depends on obtaining the approval of its board of directors and the final approval of Egypt’s central bank. The Lebanese lender has received interest from several banks, according to a source familiar with the matter.
Like other Lebanese lenders, Blom Bank needs to fulfill a requirement from Lebanon's central bank, the Banque Du Liban, which mandates banks increase their equity. The regulator issued the requirement last November as Lebanon faces its worst economic crisis in three decades.
The crisis has led to the value of its currency, which is pegged to the US dollar, to plummet more than 80 per cent in the black market and inflation surging more than 100 per cent in July, according to the the Institute of International Finance.
Blom Bank's 2019 annual profit declined 77 per cent year-on-year as it booked impairments of 493 billion Lebanese pounds ($327 million or Dh1.2 billion at official exchange rate) to cover losses.
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 the unprecedented circumstances and the uncertain outlook relating to the Covid-19 pandemic".
Bank Audi's Egyptian subsidiary has 50 branches with total assets of $4.4bn at the end of September.
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.
Last year, Emirates NBD acquired Turkey's Denizbank from Russia's state-owned Sberbank for about $2.8bn.
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Australia 2nd; Bahrain 3rd; China 4th; Azerbaijan 1st; Spain 1st; Monaco 3rd; Canada 5th; France 1st; Austria DNF; Britain 2nd; Germany 1st; Hungary 1st; Belgium 2nd; Italy 1st; Singapore 1st; Russia 1st; Japan 1st; United States 3rd; Mexico 4th
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
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Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
