Qatar National Bank (QNB) denied media reports that it is negotiating the sale of National Société Générale Bank-Egypt (NSGB), which it had acquired earlier this year.

An official source from QNB Group told Ahram Online that QNB policy forbids comments on rumours, yet it ensures its strategic partnership with NSGB and denies the existence of any talks to dispose of it.

Egypt’s Al-Shorouq daily newspaper had reported that QNB was engaged in talks to sell NSGB, only six months after acquiring it from its French parent, citing an anonymous source inside QNB.

The source had referred to the deteriorating relations between Qatar and Egypt as a main reason behind the move.

The oil-rich Gulf country has faced increasing backlash in Egypt due to its continued visible support of former Egyptian president Mohamed Morsi, even after his ouster in July amid mass protests against his one-year rule.

QNB acquired 100 percent of NSGB’s Egypt subsidiary last March, in a deal worth LE16.1 billion (approximately $2.34 billion).