QNB in talks to buy Egypt bank stake
Doha, August 31, 2012
QNB Group today confirmed that it has entered into discussions for the acquisition of Société Générale’s holding in National Société Générale Bank (NSGB) – Egypt.
The stake will amount to 77.2 per cent of paid-up capital of the bank.
QNB Group notes that the on-going discussions are in early stages. The acquisition is subject to due diligence and will be in conformity with QNB Group’s international acquisition criteria, said a statement.
NSGB – Egypt is one of the largest banks operating in Egypt through a network of 160 branches across the country, with total assets as at June 30, 2012 reaching EGP63.8 billion ($10.5 billion). – TradeArabia News Service