QNB Group continued growth in 2014 with increase in net profits, shareholders and assets
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Ratings agency upgrades long-term ratings on National Bank of Egypt, Banque Misr and Commercial International Bank to B- from CCC+, raises public information rating on NSGB.
CIB tops the list as the largest bank in Egypt followed by NSGB, the fastest growing bank in the country
“The fact that there’s a general trend of expansion happening is a positive step for the banking sector in Egypt,” said Hesham Shawqi, head of the investment sector at Arab Investment Bank in Cairo.
CIB rated as most efficient, followed by NSGB, while HSBC places third due to its refusal to disclose information on its non-performing loans
Egypt’s market is also attracting attention from Gulf banks
Banks dominate list
Government official: No further NSGB-QNB deal taxes, any already collected to be refunded
Actis is an emerging markets investor with US$5.2 billion funds under management. Through the expertise of over 120 investment professionals on the ground in twelve countries, Actis identifies investment opportunities in three areas: private equity, infrastructure and real estate. Daily News spoke to Actis’s Director in Egypt about the current business environment in Egypt, the challenges as well as the solutions to reposition Egypt as an attractive investment destination.
NSGB tax deal pulls indices down
‘Based on difference in buy and sell prices’, not all investors involved in the deal will pay the tax
Qatar National Bank bought each share at EGP 35.65, with the total value of the sale reaching EGP 16.142bn
Employees have expressed disapproval over Qatar National Bank’s acquisition of 100% of NSGB, and are to stage a protest on Monday to denounce the agreement
EFSA has approved QNB’s offer of EGP 38.65 per share for 100% of NSGB’s shares
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
The Central Bank of Egypt (CBE) agreed to plans discussed last week to sell both BNP Paribas and National Société Générale Bank (NSGB)
By Robert Tashima Despite an uncertain political climate and a sluggish economic recovery, the long-term prospects of Egyptian banks are attracting attention from their Gulf counterparts. Two recently announced acquisitions have brought the sector back into the headlines on a positive note, helping offset a recent ratings downgrade. While the transactions also represent the …
Analysts say that a “Yes” vote on the constitutional referendum would positively influence the Egyptian stock market
Qatar National Bank (QNB) Group announced that it is in “definitive agreement” with the French bank Societe Generale concerning the acquisition of its entire stake in National Societe Generale Bank Egypt (NSGB). Societe Generale owns 77.17 per cent of NSGB. QNB Group will launch a mandatory tender offer (MTO) for 100 per cent of the …
By Philip Whitfield Cairo: Sheep steal elections. But you tempt fate pulling the wool over voters’ eyes. War is not receding in the Middle East. It is building to a crescendo US secretary of state (2005 to 2009) Condoleezza Rice writes in the Washington Post. Her clarion call is trumpeted by the Tahrir Square …
By Sarah Daoud Société Générale is in talks with Qatar National Bank (QNB) to sell its majority stake in its Egyptian subsidiary, according to Mohamed El Deeb, chairman and managing director of National Société Générale Bank-Egypt (NSGB-Egypt). QNB has expressed interest and approached the group about potential acquisition of its 77.2 percent majority stake in …