(MENAFN- Kuwait News Agency (KUNA)) Qatar National Bank (QNB) said it was seeking the approval of the Central Bank of Egypt (CBE) over the acquisition of the National Societe Generale Bank - Egypt (NSGB) entire shares.
The QNB's request, submitted on December 19, 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, the bank said in a release here Monday.
QNB Group had announced a definitive agreement with Societe Generale for the acquisition of its entire stake of 77.17 percent in NSGB, according to the release.
The offer for 100 percent of the share capital of NSGB amounts to USD 2.5 million and the price to be offered to all shareholders will be converted into the Egyptian pound.
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