EFSA: Qatar National Bank Shall Submit Official Request For Acquiring NSGB

The Egyptian Financial Supervisory Authority (EFSA) affirmed that Qatar National Bank has to submit a purchasing offer in order to acquire 77% of National Société Générale Bank (NSGB).

EFSA told NSGB to inform it with any information regarding receiving a written request from whoever wishes to acquire the bank, signing a memorandum of understanding, conducting due diligence process or any other agreements that may affect its purchasing price in the Egyptian Stock Exchange.

The Central Bank of Egypt (CBE) has approved Qatar National Bank’s request concerning conducing due diligence on NSGB. NSGB announced that Qatar National Bank offered to acquire Société Générale’s stake in the bank amounting to 77.17%.