Egypt approves Qatari bid for SocGen
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.
- Oman’s Duqm tourist complex moves forward with government approval
- Tunisian Confederation of Industry, Trade, and Handicrafts fights nationwide unemployment levels
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Construction costs fall in Dubai
- Western tourists flock to Iran, could generate $30B in new revenue
- Egypt regrets tax collected from Qatar, will refund $1.5 mln soon
- Three Banks Submit Bids for Majority Stakes in Egyptian Bank
- A rekindled attraction: Qatari Diar receives long-awaited approvals for major Egyptian tourism project
- Kerry pushes 2002 Israel peace plan
- Changed tax plans show Egypt's economic disarray