1 February 2013

Egypt: CBE Approves QNB's Acquisition of NSGB Entire Shares

The Central Bank of Egypt (CBE) has approved a request by Qatar National Bank (QNB) to acquire the entire shares of the National Societe Generale Bank - Egypt (NSGB).

In a statement on Thursday, a copy of which was obtained by MENA, CBE said required measures will taken with the bodies concerned regarding the acquisition as per Egyptian law.

The QNB had announced that it has submitted a request to the CBE to get the approval over the acquisition over NSGB entire shares.

The NSGB had 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.

Copyright © 2013 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.