(MENAFN - Qatar News Agency) Qatar National Bank (QNB) announced that it has submitted a request to the Central Bank of Egypt to get the approval over the acquisition over the National Societe Generale Bank - Egypt (NSGB) entire shares.
The NSGB said in a statement that QNB request, submitted on 19/12/2012, will lead to effective control of the National Societe Generale Bank - Egypt according to the Central Bank law and the banking and monetary system in Egypt.
QNB Group, the largest financial institution in the State of Qatar and the MENA region, announced earlier that it had entered into a definitive agreement with Societe Generale for the acquisition of its entire stake of 77.17% in National Societe Generale Bank " Egypt (NSGB).
This transaction is a significant milestone in QNB Group's strategy of international expansion and it represents the largest acquisition in the bank's 48-year history.
The acquisition is consistent with QNB Group's strategy to expand its existing presence in high growth emerging markets with large under banked populations.
NSGB " Egypt is the 2nd largest private (non-state owned) bank1 operating in the high growth Egyptian market through a network of c.160 branches across the country and more than 4,150 employees, with total assets as at 30 September 2012 reaching EGP63.3 billion (c.US10.4 billion).
The offer for 100% of the share capital of NSGB amounts to US2,558 million. The price to be offered to all shareholders will be converted into EGP at the time of the filing of the MTO with the Egyptian Financial Services Authority (EFSA).
NSGB's net income during the first 9 months of 2012 amounted to EGP1,175 million, up by 8% year on year compared to the first 9 months of 2012.