socgen sells egypt unit to qatar\s qnb for 2 bn
Last Updated : GMT 06:14:59
Arab Today, arab today
Arab Today, arab today

SocGen sells Egypt unit to Qatar\'s QNB for $2 bn

Arab Today, arab today

Arab Today, arab today SocGen sells Egypt unit to Qatar\'s QNB for $2 bn

Paris - AFP

French bank Societe Generale said Wednesday it had sold its 77-percent stake in Egyptian unit National Societe Generale Bank to Qatar\'s QNB bank for $1.97 billion (1.5 billion euros). \"At the closing of the transaction, the (Societe Generale) Group will book a net gain of around 350 million (euros),\" the bank said in a statement. It said the price doubled the stated book value of NSGB as of September 30. Societe Generale said it will sell its stake to QNB Group by tendering its shares in a mandatory tender offer that QNB Group will launch after receiving regulatory approval. The price of the share offer values NSGB at $2.6 billion, with Societe Generale to receive nearly $1.98 billion. QNB Group will also buy Societe Generale\'s stakes in some NSGB subsidiaries, taking the French bank\'s total consideration to $2 billion. Societe Generale said it expects the transaction to close in the first half of 2013, and that it would increase its Basel III pro-forma Core Tier 1 ratio by 30 basis points. Founded in 1978, NSGB is one of the largest private banks operating in Egypt, serving more than 700,000 clients through 160 branches. NSGB, which employs 4,161 people, had 63.3 billion Egyptian pounds ($10.3 billion, 7.9 billion euros) in assets at the end of September. QNB Group, which has in recent years sought to expand its presence across the Middle East, had slightly over 96 billion euros in assets at the end of September.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

socgen sells egypt unit to qatar\s qnb for 2 bn socgen sells egypt unit to qatar\s qnb for 2 bn

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

socgen sells egypt unit to qatar\s qnb for 2 bn socgen sells egypt unit to qatar\s qnb for 2 bn

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday