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
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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.
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