Bahrain's Bank ABC completed its purchase of Lebanon's Blom Bank, a subsidiary of Egypt's Blom Bank, for $480 million according to a report in Reuters.

The transaction included all Blom Bank Egypt's physical and non-physical assets as well as customer accounts, the sources said.

Blom Bank, owns 99.42% of the issued share capital of Blom Bank Egypt. The bank had begun talks with Bahrain's ABC in December.

Lebanon has been in serious financial crisis that has paralyzed its banks, sunk the currency and fueled poverty and unemployment.

Blom Bank Egypt listed assets of 45.06 billion Egyptian pounds ($2.88 billion) as of Sept. 30, 2020. It reported a net profit of 205.6 million Egyptian pounds in the three months ending Sept. 30 last year, down from 229.5 million a year earlier.

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