By Andy Sambidge
Qatar National Bank acquires controlling interest in National Societe Generale Bank - Egypt
Qatar National Bank Group has announced the successful completion of acquiring a controlling stake in National Societe Generale Bank - Egypt (NSGB).
The final percentage of shares acquired is 97.12 percent, which included Societe Generale's entire stake of 77.17 percent and 19.95 percent via the mandatory tender offer, QNB said in a statement.
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 MENA region and a market that is integral to QNB Group in achieving its goal to become a Middle East and Africa Icon by 2017," said the statement.
Last month, Egypt's financial regulator approved QNB's offer to buy the bank.
QNB said in December it planned to buy the 77 percent stake in NSGB held by French bank Societe Generale.
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.
In January, QNB acquired an additional 49.96 percent stake of Tunisian Qatari Bank, bringing its ownership stake to 99.96 percent. It had bought 50 percent in 2008.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.