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Home » Banking, Finance & Insurance » QNB in discussions with Société Générale’s to acquire its stake in NSGB
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QNB in discussions with Société Générale’s to acquire its stake in NSGB

QNB in discussions with Société Générale’s to acquire its stake in NSGB

Posted by on Aug 30, 2012 in Banking, Finance & Insurance | 0 comments

QNB Group announces that it has entered into discussions for the acquisition of Société Générale’s holding in National Société Générale Bank (NSGB) – Egypt amounting to 77.2% of paid-up capital.

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. 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 30 June 2012 reaching EGP63.8 billion (USD10.5 billion).

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