Last Update 20:23
Friday, 30 October 2020

Egypt Cen. Bank approves QNB's acquisition of SocGen Egypt

Central Bank of Egypt approves deal by Qatar National Bank to acquire majority stake in National Societe Generale Bank - Egypt

MENA and Ahram Online, Thursday 31 Jan 2013
Egypt Cen
File photo: NSGB (Photo: Reuters)
Share/Bookmark
Views: 2395
Share/Bookmark
Views: 2395

Egypt's central bank has approved a request by Qatar National Bank (QNB) to acquire a majority stake in National Societe Generale Bank - Egypt (NSGB).

In a press statement reported on Thursday by state-run news agency MENA, QNB said it had begun legal measures with the Egyptian government to obtain Societe Generale's Egypt unit and expected to make a full acquisition within two months.

QNB presented its offer to acquire NSGB to Egypt's central bank on 19 December 2012.

The leading Qatari bank will pay almost $2 billion its stake.

News of the central bank's approval propelled NSGB's shares, with analysts expecting it to be Thursday's biggest gainer.

 

 

Short link:

 

Latest

© 2010 Ahram Online.