Egypt’s financial regulator has approved an offer by Qatar National Bank (QNB) for National Societe Generale Bank, after requiring QNB to buy the whole company rather than the originally planned 77 per cent stake.
QNB said in December it planned to buy the 77 per cent stake in NSGB held by French bank Societe Generale.
Ashraf El Sharkawy, head of the Egyptian Financial Supervisory Authority, told Reuters by telephone that the regulator had approved the offer. “Yes. We obliged Qatar National Bank to present an offer for 100 per cent,” he said.
QNB has offered 38.65 Egyptian pounds ($5.74) a share, compared with Sunday’s close of 37.52 pounds.
The tender offer to minority shareholders must be completed under Egyptian market rules.
QNB is 50 per cent owned by the Qatar Investment Authority, the sovereign wealth fund which has led the bulk of the gas-rich Gulf state’s international acquisitions in recent years, including stakes in Barclays, carmaker Volkswagen and luxury store Harrods.