Egypt approves Qatari bid for SocGen
Egypt's Central Bank has approved a bid by Qatar National Bank to buy a stake in National Societe Generale Bank - Egypt
Click here to add Mena as an alert
Disable alert for Mena,
Click here to add National Societe Generale Bank as an alert
Disable alert for National Societe Generale Bank,
Click here to add Qatar National Bank as an alert
Disable alert for Qatar National Bank,
Click here to add Société Générale as an alert
Disable alert for Société Générale
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.
- Will terror attacks damper Arabs' appetite for European holidays?
- So cool it's hot: Saudi Arabia's $3.2B HVACR market driven by construction boom
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- OPEC's poor history of compliance will make production cut deal a challenge
- 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