QNB Ahli Buys Société Générale in NSGB Life Insurance for $8.3mn

By Salma Ayman On Jan 2, 2014

The board of Qatar National Bank (QNB) Al Ahli (formerly NSGB) approved the completion of a deal to acquire the stake owned by Société Générale in NSGB Life Insurance at $18.444 per share, totaling $8.3 million.

On August 30, 2012, Qatar National Bank had requested the approval of the Central Bank of Egypt (CBE) to acquire a 77.17% stake in National Société Générale Bank (NSGB), which was owned by French parent company Société Générale.

The board ratified a study conducted by independent financial advisor HC on the fair value of NSGB Life Insurance.

The total capital of NSGB-Egypt reached EGP4.87 billion, distributing with 443.5 million shares, at EGP10 for one share.

Banks Central Bank of Egypt (CBE)