QNB acquires 97.12% of NSGB (Egypt) with additional 19.95% stake purchase

QNB, Qatar’s largest lender, has bought an additional 19.95% stake in National Societe General Bank - Egypt (NSGB) for 17.142bn Egyptian pounds through a mandatory tender offer.
QNB made the mandatory offer at 38.65 Egyptian pounds per share, thus totalling 17.142bn pounds.

With the latest purchase, QNB has successfully acquired a controlling stake of 97.12% in the Egyptian subsidiary of the French Societe General Bank. NSGB is the second largest private bank in Egypt with 160 branches across the country, and more than 4,500 employees.

Egypt is the fourth largest economy in the Middle East and North Africa region, a market that is integral to QNB Group in achieving its goal to become a Middle East and Africa icon by 2017, a bank spokesman said, announcing the outcome of the mandatory offer.

Read more: http://www.gulf-times.com/business/191/details/347198/qnb-acquires-9712%25-of-nsgb-with-additional-1995%25-stake-purchase