NSGB Denies Reaching Final Agreement With QNB

National Societe Generale Bank (NSGB) denied that it reached an agreement with Qatar National Bank (QNB) concerning the acquisition offer.

The bank said it did not set a certain price over the deal as Société Générale is still in negotiations with QNB to sell its 77.1% stake in its arm in Egypt.

The bank denied what was published in some websites that it set a price of US$ 2.8 billion to sell its stake. NSGB will announce any new updates as per the laws.

The Egyptian Exchange (EGX) decided to suspend trading for National Société Générale Bank – NSGB – (NSGB.CA)’s stock till receiving a reply from the lender for its inquiries about the news published in a website about completing due diligence.

The capital of NSGB is EGP 4.4 billion divided on 443.5 million shares with a par value of EGP 10 per share. The listed investment funds and individual investors acquire stake of 22.8% in the bank.

NSGB, owned by France’s Société Générale, acquired Misr International Bank in 2005 with EGP 1.6 billion before merging with the bank to be NSGB.