QNB in discussions with Société Générale’s to acquire its stake in National Société Générale Bank (NSGB) – Egypt

Posted on : Sun, 02 Sept 2012

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).