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Mon 25 Feb 2013 05:31 PM

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Egypt green lights Qatari bank's bid for NSGB

Qatar National Bank must now purchase 100 percent of bank rather than 77 percent

Egypt green lights Qatari bank's bid for NSGB

Egypt's financial regulator has approved an offer by Qatar National Bank (QNB) for National Societe Generale Bank, after requiring QNB to buy the whole company rather than the originally planned 77 percent stake.

QNB said in December it planned to buy the 77 percent stake in NSGB held by French bank Societe Generale.

Ashraf El Sharkawy, head of the Egyptian Financial Supervisory Authority, told Reuters by telephone that the regulator had approved the offer. "Yes. We obliged Qatar National Bank to present an offer for 100 percent," he said.

QNB has offered EGP38.65 (US$5.74) a share, compared with Sunday's close of EGP37.52.

The tender offer to minority shareholders must be completed under Egyptian market rules.

QNB is 50 percent owned by the Qatar Investment Authority, the sovereign wealth fund which has led the bulk of the gas-rich Gulf state's international acquisitions in recent years, including stakes in Barclays, carmaker Volkswagen and luxury store Harrods.

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