ArabFinance: Bahrain-based Arab Banking Corporation (Bank ABC) is planning to purchase interests in Arope Egypt, a subsidiary of BLOM Bank Lebanon, Hapi Journal cited well-informed sources on January 24th.
Arope Insurance Lebanon owns controlling stakes in both Arope Egypt for life insurance as well as Arope Egypt for property insurance, the news portal added.
Finalizing the transaction would be executed in 18 months from signing the acquisition agreement of BLOM Bank Egypt, according to the sources.
Bank ABC has concluded the acquisition of BLOM Bank Egypt for EGP 6.7 billion a week ago.
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