Cairo – Mubasher: Lebanon’s Blom Bank is considering several strategic options, including the sale of its stake in Blom Bank Egypt, amid the economic crisis that hit Lebanon.
This move is aimed at meeting the requirements set by the Lebanese central bank in November 2019, requiring banks to raise their capital, according to a statement on Tuesday.
The Central Bank of Egypt (CBE) granted Blom Bank approval to start the due diligence process.
Concluding the sale deal is contingent on the final approvals of the central banks in Egypt and Lebanon.
Last week, the Lebanese economy has been hit by another blow after an explosion blasted Beirut's main port, causing between $3 billion and $5 billion worth of damages, according to the Governor, Marwan Abboud.
