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SocGen nears sale of Egypt arm to QNB -sources
November 12, 2012 / 12:05 PM / 5 years ago

SocGen nears sale of Egypt arm to QNB -sources

DUBAI/PARIS, Nov 12 (Reuters) - Societe Generale is close to reaching a final agreement on selling its majority stake in its Egyptian banking arm to Qatar National Bank (QNB), sources aware of the matter said on Monday.

The Qatari bank, part-owned by Qatar’s sovereign wealth fund, will also make a mandatory offer to minority shareholders for the remaining 23 percent of National Societe Generale Bank (NSGB), the sources said.

Both parts of the acquisition combined will value all of NSGB at about $2.6 billion, two sources told Reuters, speaking on condition of anonymity as the matter is not public.

Societe Generale declined to comment and QNB officials were not immediately available to comment. Trade in NSGB shares was suspended on Monday pending a statement by the bank on the acquisition talks, the stock exchange said. (Reporting by Dinesh Nair, Sophie Sassard and Christian Plumb; Editing by Andrew Torchia)

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