CAIRO, Feb 25 (Reuters) - Egypt’s financial regulatory authority has approved an offer by Qatar National Bank to buy 100 percent of National Societe Generale Bank.
Ashraf El Sharkawy, head of the Egyptian Financial Supervisory Authority, told Reuters it had obliged Qatar National Bank to submit an offer for 100 percent of NSGB. Qatar National Bank said in December it would buy a 77 percent stake in NSGB held by French bank Societe Generale.
Speaking by telephone, Sharkawy said the authority had approved the offer. “Yes. We obliged Qatar National Bank to present an offer for 100 percent,” he said.
Reporting by Ehab Farouk; Writing by Tom Perry; Editing by Louise Heavens