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Update: AF Securities presents mid-cap banks’ P/B after BLOM’s acquisition

Update: AF Securities presents mid-cap banks’ P/B after BLOM’s acquisition

ArabFinance: The acquisition of BLOM Bank Egypt by Arab Banking Corporation (Bank ABC) was concluded after doubling BLOM’s book value (BV) 1.42 times, AF Securities said on January 17th.

The brokerage firm revealed the expected BVs and prices-to-book value (P/B) of mid-cap banks trading on the Egyptian Exchange if trading at a doubled BV of 1.42 as follows:

Bank

Current P/B

At What Price should P/B be 1.42x

Current Market Price

Upside potential

Crédit Agricole Egypt

1.2x

30.85

27.19

13.5%

Abu Dhabi Islamic Bank

0.89x

18.7

11.99

56%

Export Development Bank of Egypt

0.76x

25.3

13.7

84%

Al Baraka Bank Egypt

0.61x

25.9

11.33

129%

Housing and Development Bank

0.73x

72.8

37.7

93%

Suez Canal Bank

0.66x

22.8

10.75

112%

 

The acquisition transaction was executed for EGP 6.7 billion in value.

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