Blom Egypt for Financial Investments will begin its activities in the Egyptian market in May 2017, according to Tarek Metwally, deputy managing director and board member at Blom Bank-Egypt. He also stated that the bank completed the formation of its board of directors, which will be headed by Mohamed Ozalp, managing director and chief executive officer at Blom Bank. Blom Invest Lebanon contributes 51%, Blom Bank-Egypt 48%, and Blom Egypt Securities 1% to the new company. Blom Bank targets to provide integrated financial services to customers, as the bank offers banking insurance services and securities trading service through its sister companies that are specialised in these services. The bank founded the company for this purpose—in which it contributes 19.75% in Arope Life Insurance Egypt, 39.75% in Arope for property Insurance, and 48.99% in Blom Egypt Securities, according to Metwally.

Source: Daily News Egypt April 02, 2017 07:30 UTC