BLOM Bank Egypt is a leading financial institution in Egypt that offers several commercial banking services. Established in 1977, the bank was acquired by Blom Bank Lebanon in 2006 and has since been operating as a subsidiary. Subsequently, in August 2021, Bank ABC completed the acquisition of a 99.5% stake in BLOM Bank Egypt, marking the beginning of a new era of growth for the bank.
With the completion of the acquisition, Bank ABC has not only tripled its market share in Egypt but also combined the strengths of the two leading financial institutions. Furthermore, the integration between Bank ABC Egypt and BLOM Bank Egypt was completed in March 2024, creating a new entity that is ready to take on the challenges and opportunities of the banking sector in the MENA region.
As one of the largest banks in Egypt, BLOM Bank Egypt has 41 branches and offers a range of services, including corporate and SME banking, retail banking, treasury services, and brokerage and investment services. Moreover, the bank is well-known for offering its clients top-notch services, and it has won awards for its dedication to excellence and innovation in the banking industry.
History and Background
Founding of BLOM Bank Egypt
BLOM Bank Egypt was established in 2005 as a subsidiary of BLOM Bank, one of the largest banks in Lebanon. Its founding coincided with a period of growth in the Egyptian banking sector, and the bank quickly established itself as a major player in the market.
Acquisition by Bank ABC
In 2021, Bank ABC, one of the largest banks in the Middle East, announced that it had agreed to acquire BLOM Bank Egypt. The acquisition was completed in 2024, marking the beginning of a new era of growth for the bank.
The acquisition of BLOM Bank Egypt by Bank ABC has significantly increased the bank’s market share in Egypt and combined the strengths of two leading financial institutions. Bank ABC now offers a range of innovative financial products and services to its customers in Egypt and is well-positioned to continue its growth in the region.
Operational Network
Branches and ATMs
BLOM Bank Egypt has a vast network of branches and ATMs nationwide, providing customers easy access to their banking services. As of 2024, the bank has over 70 branches and more than 200 ATMs strategically located in key cities and towns. This extensive network allows customers to easily conduct their banking transactions, from deposits and withdrawals to transfers and bill payments.
International Connectivity
BLOM Bank Egypt is part of the BLOM Bank Group, a leading regional bank with a strong presence in the Middle East and North Africa. This provides BLOM Bank Egypt with international connectivity and access to numerous financial services. The bank’s international connectivity allows customers to conduct cross-border transactions and access international banking services easily.
Moreover, BLOM Bank Egypt is licensed and regulated by the Central Bank of Egypt, ensuring that the bank operates in compliance with local laws and regulations. The bank has established a solid reputation as a dependable financial institution in Egypt thanks to its dedication to both customer happiness and regulatory compliance.
In addition, following the merger with Bank ABC Egypt, the bank’s operational network is expected to expand and strengthen further, providing customers with even greater access to banking services. The merger is expected to triple Bank ABC Egypt’s market share in Egypt, creating a new entity that combines the strengths of the two leading financial institutions. This is expected to expand the bank’s operational network, providing customers with even greater convenience and accessibility to banking services.
Overall, BLOM Bank Egypt’s extensive network of branches and ATMs, combined with its international connectivity and commitment to regulatory compliance, makes it a reliable and convenient banking option for Egyptian customers.
Financial Performance
Despite the economic and geopolitical uncertainties, BLOM Bank, Egypt, has shown remarkable financial performance in recent years. In 2023, the bank recorded a 53% surge in net profit, reaching US$235 million compared to the previous year. This exceptional uplift was mainly due to the successful integration of BLOM Bank within ABC Egypt. The integration process is in its final stages and has positively impacted the bank’s financial performance.
Assets and Growth
BLOM Bank, Egypt, has successfully maintained its total assets and ensured growth in the face of economic challenges. The bank’s total assets have remained stable, with a net profit of US$235 million in 2023. This stability and asset growth can be attributed to the bank’s sound financial management and strategic initiatives.
Market Impact of COVID-19
The financial industry has been severely harmed by the COVID-19 pandemic, as has the whole world economy. BLOM Bank, Egypt has maintained its financial performance in spite of these obstacles. The bank has taken steps to lessen the pandemic’s effects on its business operations and financial results. These have included minimizing credit risk, putting cost-cutting measures into place, and offering help to its clients.
In conclusion, BLOM Bank, Egypt, has shown remarkable financial performance in recent years. The bank’s total assets have remained stable, and it has maintained growth despite economic challenges. The bank has also mitigated the impact of the COVID-19 pandemic on its operations and financial performance.
Products and Services
Retail Banking
BLOM Bank Egypt offers a range of retail banking products and services to accommodate the diverse financial needs of its retail customers. Current accounts, savings accounts, and fixed deposit accounts are among the savings and deposit options offered by the bank. The bank also offers its customers debit and credit cards, internet banking, and mobile banking services. Retail customers can also avail of personal loans, car loans, and mortgages from the bank.
Wholesale Banking
BLOM Bank Egypt provides its corporate and institutional clients with multiple wholesale banking solutions. The bank offers various corporate banking services, including cash management, trade finance, and project finance. The bank also provides treasury services, such as foreign exchange, money market, and fixed-income products. BLOM Bank Egypt also offers Islamic banking solutions to its wholesale banking clients.
Innovative Solutions
BLOM Bank Egypt is committed to providing its customers with innovative and cutting-edge banking solutions. The bank has introduced several digital banking solutions to enhance customer experience and convenience. The bank’s digital banking offerings include internet, mobile, and SMS banking services. The bank has also introduced biometric authentication for secure and seamless access to its digital banking platforms.
BLOM Bank Egypt is also focused on innovation in lending and financing. The bank offers several financing solutions to its customers, including personal loans, car loans, and mortgages. The bank also provides trade finance and project finance solutions to its corporate clients. BLOM Bank Egypt is committed to providing its customers with innovative and customized financing solutions to meet their needs.
Overall, BLOM Bank Egypt is a leading financial institution in Egypt, offering a comprehensive range of products and services to its retail and wholesale banking customers. The bank’s commitment to innovation and customer-centricity sets it apart from its competitors in the Egyptian banking industry.
Regulatory and Legal Framework
Central Bank of Egypt’s Oversight
BLOM Bank Egypt operates under the regulatory oversight of the Central Bank of Egypt (CBE). The CBE is responsible for ensuring that banks operating in Egypt adhere to the applicable regulations and guidelines. As a result, BLOM Bank Egypt must comply with the CBE’s regulations, including those related to capital adequacy, liquidity, and risk management.
Legal Merger Process
BLOM Bank Egypt is merging with Bank ABC Egypt, subject to regulatory approvals. The legal merger is expected to be completed in Q1 2022. The combined entity would more than triple Bank ABC’s market share and take its balance sheet to approximately EGP 150 billion.
The legal merger process involves various stakeholders, including the CBE, the Egyptian Financial Supervisory Authority (EFSA), and the shareholders of both banks. The merger is subject to regulatory approvals from the CBE and the EFSA. Once the approvals are obtained, the legal merger will be completed, and the two banks will operate as a single entity.
In conclusion, BLOM Bank Egypt operates under the regulatory oversight of the CBE, and it is required to comply with the applicable regulations and guidelines. The legal merger process with Bank ABC Egypt is expected to be completed in Q1 2022, subject to regulatory approvals. Once the merger is completed, the two banks will operate as a single entity, which would more than triple Bank ABC’s market share and take its balance sheet to approximately EGP 150 billion.
Frequently Asked Questions
How can I contact customer service for BLOM Bank in Egypt?
If you need to contact customer service for BLOM Bank in Egypt, you can do so by calling their hotline at +20 2 2461 7800. You can also use the contact form on their website to send your inquiries.
Where can I find BLOM Bank branches located in Egypt?
BLOM Bank Egypt has a network of branches located across Egypt. You can locate the nearest branch by visiting their website and using the branch locator tool.
What career opportunities are available at BLOM Bank in Egypt?
BLOM Bank Egypt offers a range of career opportunities across various departments. The latest job openings can be found on the careers page on the bank’s website.
What is the SWIFT code for BLOM Bank in Egypt?
The SWIFT code for BLOM Bank Egypt is BLOMEGCXXXX. This code is used to identify the bank when transferring money between banks internationally.
How is BLOBANK Egypt related to BLOM Bank Lebanon?
BLOBANK Egypt is a subsidiary of BLOM Bank Lebanon. BLOM Bank Lebanon owns a 99.4% stake in BLOM Bank Egypt, making it the largest shareholder in the bank.
Who currently holds the position of chairman at BLOM Bank?
According to the latest information, Dr. Ali F. Hamdan is the chairman of the Board of Directors at BLOM Bank Egypt.
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