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QNB set deadline for NSGB offer

Egyptian Financial Supervisory Authority says Qatar National Bank must present its offer to acquire Egypt's NSGB before 22 November

Ahram Online, Thursday 6 Sep 2012
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Qatar National Bank (QNB) must present its offer to acquire Egypt's National Société Générale Bank (NSGB) by 22 November 2012.

A statement issued by the Egyptian Financial Supervisory Authority (EFSA) on Wednesday said the QNB should present its offer to acquire NSGB within 60 days of the date of the Expression of Interest. If QNB fails to meet the set deadline, the law prevents it from presenting further bids for six months.

On Sunday, QNB, the state lender seeking to boost its regional presence through acquisitions, hired J.P. Morgan Chase to advise it on a planned purchase of Société Générale's Egyptian arm. 

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