Egypt Bourse Changes NSGB Names to QNB Al Ahli

The securities listing committee at the Egyptian Exchange (EGX) approved on Thursday changing the name of National Société Générale Bank (NSGB) to Qatar National Bank Ahly.

The stock’s Reuters code will be changed to QNBA.CA instead of NSGB.CA, while the ISIN code will remain unchanged EGS60081C014, effective as of today, Thursday, December 19, 2013, the state-news agency MENA reported today.

The General Authority for Investment and Free Zones (GAFI) had endorsed in November the decisions taken by the bank’s extraordinary general meeting as regards rebranding the lender’s name to QNB Ahli and raising capital by 10%.

In August, 2012, Société Générale Group announced Qatar National Bank (QNB) expressed it interest in a potential takeover of its majority stake of 77.17% in its Egyptian unit.