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.

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