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JP Morgan to advise Qatar National Bank on Egypt acquisition
- Qatar: Monday, September 03 - 2012 at 11:50
Qatar National Bank has hired JP Morgan Chase to advise on its planned buy of Societe Generale's Egyptian arm, Reuters has reported, citing three sources. SocGen is in early talks with QNB to sell its 77.2% stake in National Societe Generale Bank - the Egyptian lender which has a market value of around $2.3bn - as the French bank seeks to shore up its capital through divestments. "The talks are initial but they definitely have the firepower for an asset of that size. JP Morgan is assisting QNB on the deal," one of the sources said.
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