Emirates NBD confirms talks with the BLOM Bank of Lebanon
Dubai: Emirates NBD is in preliminary talks with the BLOM Bank of Lebanon to record the latter’s interest in its operations in Egypt.
“The discussions are still ongoing and there is no certainty that any transaction will be completed,” Emirates NBD said in a statement on Dubai Financial Market.
“Emirates NBD regularly evaluates potential opportunities in different markets … and a further announcement will only be made if there is a material development.”
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According to Bloomberg, Emirates NBD, the largest bank in Dubai, already has a significant presence in Egypt after buying the local business of the French BNP Paribas SA in 2012 in a $ 500 million transaction.
Lebanese banks are struggling to sharpen their finances as the country struggles with its worst economic crisis in decades. The country was already struggling with rising inflation, a rapid devaluation of the Lebanese pound and a shrinking economy before the blast tore through the capital’s port on August 4.
The Bank Audi in Beirut said in May that it and First Abu Dhabi Bank PJSC had mutually agreed to end talks on the sale of the Egyptian subsidiary of the Lebanese credit provider due to the uncertainty caused by the pandemic.