Qatar National Bank hopes purchase of Egyptian unit will be completed within 2 months
Qatar National Bank, the Gulf state's largest lender by market value, said on Wednesday it hopes to complete the process of buying a majority stake in Societe Generale's Egyptian unit in the next two months.
QNB expects Egyptian central bank approval for the purchase in the next two weeks, Chief Financial Officer Ramzi Mari said in a conference call.
Mari also said the bank expects loan growth of 15 percent in 2013, before the inclusion of the Egyptian arm. Loans and advances grew nearly 30 percent in 2012.
The bank is expecting to report a 10 percent increase in 2013 net profit, before taking the consolidation of the Egyptian arm into account, Mari said.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.