Egypt approves Qatari bid for SocGen

Egypt's central bank has approved a request by Qatar National Bank (QNB) to acquire a majority stake in National Societe Generale Bank - Egypt (NSGB).

Egypt's central bank [2]has approved a request by Qatar National Bank (QNB) [3] to acquire a majority stake in National Societe Generale Bank - Egypt (NSGB).

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 [4] 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.

Egypt's Central Bank has approved a bid by Qatar National Bank to buy a stake in National Societe Generale Bank - Egypt