The Qatar National Bank has formalized the completion of the acquisition of the controlling stake in Egypt's National Societe Generale Bank. The shares acquired total 97.12% and 19.95% through the mandatory tender offer.
NSGB is the second biggest private bank in Egypt operating 160 branches in the country employing 4,500 individuals. In a statement, QNB said, "Egypt is the fourth largest economy in the MENA reguin and a market that is integral to QNB Group in achieving its goal to become a Middle East and Africa Icon by 2017."
The sale was approved by Egypt's financial regulator. Before this sale, QNB in December planned to purchase the 77% shareholdings of NSGB held by Societe Generale of France.
Qatar Investment Authority owns half of QNB. The sovereign wealth fund has been on an acquisition spree, with purchases in Barclays, Volkswagen and Harrods, the luxury department store. It has also purchased an additional 49.96% of Tunisian Qatari Bank.
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