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

 

This merger triples Bank ABC’s 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. I would also like to thank our dedicated staff for their hard work which has enabled the Group to grow its franchise in this key regional market.”    

 

Poised for growth

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. 

 

“I would like to take this opportunity to thank our clients who entrusted us throughout this journey and to thank the Bank ABC Egypt combined team for their dedication, perseverance and for being part of this major milestone for the Bank ABC Group.”

 

Since the legal merger in January 2023, a detailed integration programme 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.

 

Delivering on promise

Bank ABC Egypt MD & CEO, Amr Tharwat, said: “Now that 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.”--TradeArabia News Service