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Qatar National Bank submits tender offer for NSGB shares

Mandatory tender by Qatar National Bank seeks 100% of shares in NSGB at LE38.65 per share

Ahram Online, Monday 11 Feb 2013
NSGB
Nationale Societe Generale Bank (NSGB)
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Qatar National Bank (QNB) has submitted a mandatory tender offer (MTO) for 100 per cent of the shares in the National Société Générale Bank (NSGB) at LE38.65 per share, the Egyptian Financial Supervisory Authority has said in a statement to the Egyptian Stock Exchange.

Last month, Egypt's central bank approved a request by the Qatari bank to acquire a majority stake in NSGB Egypt, to the value of close to $2 billion.

QNB expects the transaction to be complete by the second quarter of the current year.

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