(Adds offer price, background)
CAIRO Feb 25 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
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 38.65 Egyptian pounds ($5.74) a share,
compared with Sunday's close of 37.52 pounds.
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
($1 = 6.7333 Egyptian pounds)
(Reporting by Ehab Farouk; Writing by Tom Perry; Editing by
Louise Heavens and Mark Potter)