Daily News Egypt

QNB offers a tender to take over entire NSGB stake - Daily News Egypt

Advertising Area




Advertising Area



QNB offers a tender to take over entire NSGB stake

This deal acts as an important step in QNB’s strategy to expand in foreign markets and is the largest acquisition in the history of the QNB group


QNBThe Egyptian financial supervisory authority declared that Qatar National Bank (QNB) has a compulsory tender purchasing offer to take over the entire stakes of National Societe Generale Bank (NSGB), in accordance with Egyptian law.

QNB will purchase 443.535 shares from NSGB for about 100% of the share capital of NSGB at a price of EGP 38.65 per share.

In December QNB made an agreement to purchase the shares of French Societe Generale, which owns 77% of NSGB, with an offer totaling $2,558m. The price offered to all shareholders will be converted into EGP.

This deal acts as an important step in QNB’s strategy to expand in foreign markets and is the largest acquisition in the history of the QNB group over its 48 years of banking history

Central Bank has agreed to the request from QNB to acquire the entire stake of NSGB Egypt.

Magdy Toulba, an economic expert, said that the acquisition is double-edged because it will positively affect the Egyptian market by bringing in a new investor.  However, the NSGB withdrawal from the Egyptian market may reflect their worries regarding the Egyptian market, Toulba said.

Toulba added that he hopes that the acquisition does not have a political dimension.

“This transaction is in line with QNB Group’s international strategy, which has become an integral part of our growth and commitment to diversify revenue sources,” said QNB Group’s Chief Executive Officer Ali Shareef Al-Emadi.

He added that the Egyptian financial sector represents a significant growth opportunity with its combination of growth potential, possible increased future penetration of banking services, a young and dynamic population, and Egypt’s links within the Middle East and North Africa.

 

Advertising Area

Advertising Area



https://www.dailynewsegypt.com/2013/02/10/qnb-offers-a-tender-to-take-over-entire-nsgb-stake/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe