Doha: QNB Group yesterday officially announced the successful completion of acquiring a controlling stake in National Societe Generale Bank - Egypt (NSGB).
The final percentage of shares acquired is 97.12 percent, which included Societe Generale (SG) entire stake in NSGB of 77.17 percent and 19.95 percent via the Mandatory Tender Offer.
Egypt is the fourth largest economy in the MENA region and a market that is integral to QNB Group in achieving its goal to become a Middle East and Africa Icon by 2017.
NSGB is the second largest private bank in Egypt with 160 branches across the country, and more than 4,500 employees.
Qatar National Bank (QNB Group) was established in 1964 as the country’s first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50 percent) and the private sector (50 percent).
QNB Group has steadily grown to be among the largest banks in the Middle East and North Africa Region and is by far the leading financial institution in the country with a market share exceeding 45 percent of banking sector assets.
QNB Group has witnessed rapid international expansion in the past few years and operates in 24 countries around the world through its network, subsidiaries and associate companies employing about 8,800 staff from 400 branch and offices that are supported by an ATM network that exceeds 800 machines.
QNA
