With regards to recent rumours circulating in the media about the possibility of BLOM BANK exiting the Egyptian market, the Bank’s General Management assures that these rumours have absolutely no basis, a statement by the bank said on Wednesday.
“In fact, the Bank has no intentions of selling its investments in Egypt and there are no negotiations taking place in this regard,” it added.
“In light of the above, BLOM BANK Egypt denies this fake news and reiterates that its strategy will continue to focus on expanding and growing its business in Egypt”.
It is noteworthy that recently, there was some news circulating about a Saudi Arabian bank offering to buy BLOM Bank Egypt.
BLOM Bank Egypt is one of the largest units of BLOM Bank Group outside Lebanon.
The capital of BLOM Bank Egypt reaches about EGP 2bn and the bank has 42 branches that include Greater Cairo, Alexandria, Hurghada, Sharm El Sheikh, Damietta, Port Said, Mansoura, Ismailia, Tanta, Suez, Dakahlia, and Minya.