Dubai’s Emirates NBD in preliminary talks to acquire Blom Bank Egypt

Dubai-based Emirates NBD is in preliminary discussions with Blom Bank Lebanon to acquire the latter’s existing shareholding in Blom Bank Egypt.

“Emirates NBD Bank P.J.S.C. confirms that it is in preliminary discussion with BLOM Bank SAL, Lebanon regarding the possibility of a potential acquisition of BLOM Bank’s existing shareholding in BLOM Bank S.A.E., Egypt” – the bank said in a filing on Dubai’s Financial Market on August 12.

“Discussions are still ongoing and there is no certainty that any transaction will be completed,” Emirates NBD added.

“Emirates NBD routinely evaluates potential opportunities in different markets and a further announcement will only be made if there is a material development.”

Emirates NBD recorded a net profit worth Dhs4.1bn for the first half of 2020, 45 per cent down year-on-year from Dhs7.48bn for H1 2019.

Read: Emirates NBD posts 45% dip in net profit for H1 2020

Meanwhile, its total income for the first half of 2020 amounted to Dhs12.6bn, marking an increase of 33 per cent compared to Dhs9.5bn during the same period in 2019.