QNB Sees Egyptian Central Bank’s Approval For SocGen Takeover In Two Weeks

By Yomna Yasser On Jan 16, 2013

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.

Reuters