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QNB acquires SocGen's stake in Egypt arm for $2bn
- Qatar: 6 hours, 7 minutes ago
Qatar National Bank has bought the majority stake of Societe Generale in Egypt's National Societe Generale Bank (NSGB) for $2bn, Reuters has reported. The deal values NSGB as a whole at $2.56bn, or two times its book value as of September 30. SocGen owns 77% of the bank. "For QNB, this deal represents a significant move in its bid to expand regionally," a banking source familiar with the matter told the news service. "They have the capital to execute large transactions which is rare in this environment."
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